VBS audit firm denies lack of communication claims

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The company tasked to administer the affairs of VBS Mutual Bank, Sizwe Ntsaluba Gobodo audit firm, has denied allegations by minority shareholders in the bank that the curator is not communicating with them about the problems at VBS.

Reserve Bank Governor Leseja Kganyago put the bank under curatorship in March following allegations of financial irregularities, reckless lending and mismanagement of funds amounting to hundreds of millions of rands.

Minority shareholders have written to the office of the President, the Minister of Finance and Governor of the Reserve Bank alleging that curator Anosh Rooplal is not communicating with them.

Rooplal says: “I have engaged with various groups of shareholders including the minorities via the shareholders forum, for any shareholder to allege otherwise is untrue. I continued to tell shareholders that our priority is to start the bank and protect the interest of retail depositors.”

Meanwhile, the minority shareholders have appointed a task team which will liaise with the majority shareholders, Vele Dzhambeu Investments and the Public Investment Corporation PIC to chart a way forward, as the minority shareholders have allegedly been kept in the dark by the curator about what is happening.

This was announced by the chairperson of VBS Shareholders Forum at a press briefing at Sibasa near Thohoyandou in Limpopo.