VBS Mutual Bank’s (VBS) minority shareholders have appointed a legal team to challenge the ruling of the Pretoria High Court granting the South African Reserve Bank (SARB) a final order to liquidate VBS.
The Reserve Bank’s Prudential Authority had applied for the final liquidation of VBS.
In its affidavit, it submitted that VBS was insolvent and that the liquidation benefits creditors of the bank and would be in public interest.
A liquidator will now be appointed to pursue civil and criminal proceedings against those implicated in the looting of almost R2 billion from VBS.
The legal team was appointed in a lengthy meeting in Thohoyandou, Limpopo on Saturday.
VBS founding member and shareholder, Madambi Muvhulawa, is adamant that the bank can still be saved.
“In this meeting, resolution was taken that the legal team is going to go deeper into the court papers, study the case. Once they are through with that then they will come back to us. We are hopeful that we will get the money and we are positive that VBS will be recovered. The court has now finalised this question of liquidation,” says Muvhulawa.
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