VBS minority shareholders have not yet recovered their money

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The minority shareholders of the defunct VBS mutual bank have not yet recovered their money, five years after the bank was liquidated.

The VBS mutual bank was declared insolvent in 2018 and placed under curatorship following the looting of nearly R2 billion, resulting in its liquidation the following year.

About 20 000 creditors and depositors were left stranded.

Madambi Muvhulawa, one of the more than 200 minority shareholders, says they have approached the Public Protector to assist with the recovery of their money.

“We decided that we should be doing something and we are making a claim to Treasury and the Reserve Bank to say you have been part in contributing to the downfall of the VBS. We are doing this through the Public Protector and if we succeed, at least everybody will get their money, including the shareholders.”

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A group of women who sell fish along the Punda Maria road in Thohoyandou say they used to invest their money at the bank. They want the government to assist the bank.

“I wish that VBS bank could be revived so that we will be able to invest our money. Now I’m not able to invest my little money, we’re appealing that the bank must be revived for us to invest. Our brothers passed away after losing their investment following the looting of their money at VBS, we are self-employed, we used to invest our little money.”