The African National Congress (ANC) in Limpopo says it is deeply saddened by the news that the Pretoria High Court has granted the South African Reserve Bank (SARB) permission to liquidate VBS Mutual Bank.
The Reserve Bank’s application to wind-up the assets of VBS comes after a forensic report implicated at least 50 organisations and people including politicians in looting nearly R2 billion from VBS.
Shareholders of VBS who opposed the move to liquidate the bank say they will study the report before commenting.
The ANC’s Limpopo provincial spokesperson Donald Selamola says the party hopes VBS can still be rescued.
“The ANC in Limpopo is very very saddened by this development and the liquidation of VBS. Because we have always held that the view that notwithstanding the challenges that the bank has faced we need to do everything in our powers to save the bank. The bank is playing in the financial sector of the country, so to have the bank being liquidated is obviously very very sad for us especially given our view on the matter but as the ANC we will study the report,” says Selamola.
