VBS Mutual Bank minority shareholders meet

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VBS Mutual Bank minority shareholders are meeting in Thohoyandou, Limpopo.

The meeting is the second since the High Court in Pretoria granted the Reserve Bank a final order to liquidate the mutual bank.

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 the VBS.

One of the shareholders and founding members of VBS bank, Madambi Muvhulawa, is the spokesperson of a committee of minor shareholder.

“This committee has been given the mandate to negotiate with whomever to try and save the bank, so we have been deliberating with all stakeholders now finally that this step has been taken to liquidate the bank, so we have decided to call this meeting so that we can give the shareholders a report and also propose a way forward.”

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