VBS Mutual Bank minority shareholders say they have raised R2 billion to save the troubled Bank from being liquidated. This was announced by the chairperson of the bank’s board Madambi Muvhulawa during a prayer service held in Thohoyandou to save the bank.
Muvhulawa says they have informed the finance minister of their intention to pay the R2 billion for the bank to be saved. They also want VBS to be granted a licence as a commercial bank.
Muvhulawa, who is one of the founders of VBS, says they have instructed their lawyers to challenge the planned liquidation by the Reserve Bank.
“While we are busy now that she should see the new minister so that we can explain to him the plan which he found on the table, we are picking up the announcement that VBS is going to be liquidated – which then is against what we are doing, which nevertheless we brought to our attorneys. So they had to go to court to find documents, now they are working on them so that they can prepare a challenge to this liquidation,” says Muvhulawa.