Reading Time: < 1 minute
The South African Reserve Bank (SARB) has appointed a forensic investigator to probe VBS Mutual Bank’s affairs as well as the bank’s possible fraudulent activities.
It has tasked Advocate T Motau to establish whether any of the business of VBS was conducted with the intent to defraud depositors.
The investigations will also cover claims of reckless business practices and non-disclosure by some of the directors of the bank.
The Reserve Bank announced the decision to put VBS Mutual Bank under curatorship earlier in March due to lack of cash.
Based on the findings of the forensic investigation‚ the Reserve Bank will take appropriate follow-up action.
WATCH RELATED VIDEOS BELOW:
