VBS shareholders complain over lack of communication

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A group of Venda Mutual Bank(VBS) minority shareholders has written to the Office of the President, the Minister of Finance and the South African Reserve Bank complaining about the lack of communication between them and the curator administering the affairs of the bank.

Reserve Bank Governor Leseja Kganyago placed the bank under curatorship in March following allegations of maladministration and reckless lending.

About R900 million has allegedly disappeared from VBS.

Since it was put under curatorship, clients have not been allowed to do any business transactions except to withdraw up to R1 000 per month.

Chairperson of the VBS Shareholders Forum Azwindini Kwinda says they’re struggling to talk to curator Anoosh Rooplal

He says: “We tried to communicate with the curator but the curator does not want to communicate with us. He says he gave the report to the Reserve Bank. We are appealing to anyone who is a black person to come and rescue us. We tried to get a report of our bank but we are not getting anything.”