Many VBS depositors will be dead by the time they get (some of) their money back

The only currency that a bank has is the trust its customers have in it.

Warren Thompson, Business Day

It’s only politicians… who has been linked to what happened who are calling for the bank to be saved…

Warren Thompson, Business Day

Efforts to recover stolen money from the failed VBS Mutual Bank is ongoing but could take years, South African Reserve Bank Deputy Governor Kuben Naidoo told Parliament on Wednesday.

However, Naidoo said he’s not confident the Sarb will recover much.

Some members of Parliament praised Advocate Terry Motau’s report into the looting of VBS Mutual Bank while others weren’t too impressed.

“In my view, it doesn’t read like a very good legal document,” said the Economic Freedom Fighters’ Mbuyiseni Ndlozi.

The EFF, itself implicated in the heist, does not want the Sarb to liquidate VBS Mutual Bank.

The Hawks told Parliament that its investigation is in full swing.

The National Prosecuting Authority (NPA), however, said the probe is not yet at a stage for them to determine who they should prosecute.

The Asset Forfeiture Unit says it has not yet seized any assets of those implicated, but curators have already secured the provisional sequestration of five executives and shareholders.

There has been a lot of focus on the fraud and the theft which is quite true, but the issue is much bigger than that from a prosecutions point of view. It is, in fact, racketeering, at its worst.

Silas Ramaite, NPA acting head

The Money Show’s Bruce Whitfield interviewed Warren Thompson, Financial Journalist at Business Day.

Listen to the interview in the audio below.

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Terror grips US markets as CNN Money's Fear & Greed Index reaches extreme levels

Terror grips US markets as CNN Money's Fear & Greed Index reaches extreme levels

The Money Show’s Bruce Whitfield interviews Schalk Louw, Portfolio Manager & Strategist at PSG Wealth Old Oak.

Electric scooters - transport revolution or fad? It's probably both

Electric scooters - transport revolution or fad? It's probably both

You might not look good, but you will have fun, and you won’t be using a car.

Alcohol and other drugs bring home the bacon for Spar

Alcohol and other drugs bring home the bacon for Spar

The Money Show’s Bruce Whitfield interviews Spar Group CEO Graham O'Connor.

Discovery Bank takes on Capitec Bank, TymeDigital (Patrice Motsepe), Bank Zero

Discovery Bank takes on Capitec Bank, TymeDigital (Patrice Motsepe), Bank Zero

South Africa has a brand-new bank! The Money Show’s Bruce Whitfield interviews Adrian Gore, Discovery Group CEO.

[Live, real-time experiment] Find out which food delivery app is SA's best

[Live, real-time experiment] Find out which food delivery app is SA's best

Andrew Ross of Chaos Theory experiments on-air to see which food delivery app is the best one to use.

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

The Money Show’s Bruce Whitfield interviews Telkom Group CEO Sipho Maseko.

Popular articles
Thandeka Gqubule prepared to fight EFF to the end

Thandeka Gqubule prepared to fight EFF to the end

SABC Journalist and part of the SABC 8 Thandeka Gqubule says she has not had any communication from the EFF.

[LISTEN] 'If you accuse, you must present some sort of preliminary evidence'

[LISTEN] 'If you accuse, you must present some sort of preliminary evidence'

Laywer Tebogo Malatji gives an update on Wednesday's meeting between Minster Pravin Gordhan and PP Busisiwe Mkhwebane.

Discovery Bank takes on Capitec Bank, TymeDigital (Patrice Motsepe), Bank Zero

Discovery Bank takes on Capitec Bank, TymeDigital (Patrice Motsepe), Bank Zero

South Africa has a brand-new bank! The Money Show’s Bruce Whitfield interviews Adrian Gore, Discovery Group CEO.

Callers debate Mashaba arresting a man wheeling cow heads in Joburg CBD

Callers debate Mashaba arresting a man wheeling cow heads in Joburg CBD

Mashaba posted a picture of a man pushing a trolly full of cow heads saying that he had him arrested for an "illegal act".

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

The Money Show’s Bruce Whitfield interviews Telkom Group CEO Sipho Maseko.

Self-driving Merc returns to Chapman’s Peak to beat the bends in stirring new ad

Self-driving Merc returns to Chapman’s Peak to beat the bends in stirring new ad

The Money Show’s Bruce Whitfield interviews branding and advertising expert Andy Rice about Merc's stirring new ad.

#DataMustFall! Meet Rain CEO Willem Roos... he is making it happen

#DataMustFall! Meet Rain CEO Willem Roos... he is making it happen

The Money Show’s Bruce Whitfield interviews Rain CEO Willem Roos for his weekly “ShapeShifter” feature.

Booming economy… cheap beer… great food… Beira is where it’s at, but the taxes!

Booming economy… cheap beer… great food… Beira is where it’s at, but the taxes!

VAT at 17%... yoh! Bruce Whitfield interviews Lee Kasumba, who is exploring Mozambique’s central port city of Beira.