VBS Mutual Bank’s curator Anoosh Rooplal has withdrawn the bank's audited financial statements for the year to the end of March 2017.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.
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
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
Recommendedby NEWSROOM AI
Returns of 500% are not unheard of. Is this another crypto-like bubble? Not in the least, says Financial Advisor Warren Ingram.
Predictions, products and personalities featured in "Business Unusual" in the last three years.
The consequences of consuming dagga at home and showing up at the office high. Bruce Whitfield interviews a labour lawyer.
The Money Show’s Bruce Whitfield interviews Mahlatsi Mahlase of the South African National Editors Forum (Sanef).
In the bonus episode of Solutionist Thinking with RMB, Bruce Whitfield speaks the founders of FirstRand, GT Ferreira, Laurie Dippenaar and Paul Harris.
The Money Show’s Bruce Whitfield interviews Independent Regulatory Board for Auditors CEO Bernard Agulhas.
A caller on the Eusebius McKaiser Show, Zeenat says she was called a derogatory word for Indian on Heritage Day.
Breakfast Show Host Bongani Bngwa shares his views on the leaked report from the Thabo Mbeki Foundation.
It is alleged that Lennox Garane killed himself as a form of protest.
Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.
Western Cape DA leader Bonginkosi Madikizela confirmed that he was asked to hand over his devices but he says that he refused.
The EFF lawyer stole the show during the state capture report court battle.