Lies, damned lies and VBS Mutual Bank's financial statements

VBS Mutual Bank’s curator Anoosh Rooplal has withdrawn the bank's audited financial statements for the year to the end of March 2017.

Rooplal said the statements were unreliable due to several anomalies and material misstatements.

VBS can’t account for about R1 billion in deposits, according to SA Reserve Bank deputy governor Kuben Naidoo.

The Money Show’s Bruce Whitfield interviewed Rooplal.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

We have found instances of poor governance and mismanagement… We have identified instances where checks and balances were not in place…

Anoosh Rooplal

Curatorship allows the bank to continue… We do remain open for business for retail depositors… Depositors are limited to a R1000 withdrawal per day… Deposits are guaranteed up to R50 000…

Anoosh Rooplal

The illegality of deposits was certainly an issue… Corporate and municipal deposits have been frozen…

Anoosh Rooplal

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