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VBS liquidation: More than 5,000 'small' depositors haven't claimed their money

29 October 2020 7:37 PM
Tags:
South African Reserve Bank
Sarb
The Money Show
Bruce Whitfield
VBS Mutual Bank
vbs
Anoosh Rooplal
VBS Bank heist
Denzel Bostander
VBS liquidation
VBS creditors

The liquidation of the disgraced VBS Mutual Bank is gaining momentum. Bruce Whitfield speaks to Denzel Bostander from Sarb.
VBS Bank ( VBS Twitter page)

The liquidation of the disgraced VBS Mutual Bank is gaining momentum.

VBS was put into final liquidation in November 2018 after having initially been placed under curatorship the preceding March by the Minister of Finance.

RELATED: Zuma loan bank VBS Mutal placed under curatorship

The South African Reserve Bank (Sarb) has released an update for depositors and creditors.

Claims have been lodged against VBS by entities ranging from stokvels to municipalities.

Liquidator Anoosh Rooplal and his team are now set to verify their validity.

In July 2018 (while VBS was still under curatorship) retail depositors with deposits of up to R100 000 were able to claim their funds through Nedbank branches.

Some have still not done so says Denzel Bostander, Sarb's Head of Financial Conglomerate Supervision.

There are about 5,530 depositors that haven't claimed their deposits at the various Nedbank branches... the rand value of this amounts to just over R4.5 million.

Denzel Bostander, Head of Financial Conglomerate Supervision - Sarb

Most of them have deposits of less than R1,000; most of them actually have deposits below R100.

Denzel Bostander, Head of Financial Conglomerate Supervision - Sarb

A co-ordinated effort is underway to reach these clients, he says.

Those who qualify for repayment through Nedbank branches have until 8 July 2021 to do so.

What about "larger fish" like Jacob Zuma who was lent millions for the upgrades at Nkandla?

Should the former president be asked to pay back the money, I'm hoping that there was security over that loan?

Bruce Whitfield, The Money Show host

Bostander notes that he can't comment on specific loans, but explains the loan process in general terms.

As you're aware we commissioned Advocate [Terry] Motau in April 2018 to conduct an investigation... That report came out in October and there are a lot of allegations around any improper loans... Those allegations are now being tested in the courts.

Denzel Bostander, Head of Financial Conglomerate Supervision - Sarb

The law has to follow its course.

Denzel Bostander, Head of Financial Conglomerate Supervision - Sarb

For more detail, take a listen:


29 October 2020 7:37 PM
Tags:
South African Reserve Bank
Sarb
The Money Show
Bruce Whitfield
VBS Mutual Bank
vbs
Anoosh Rooplal
VBS Bank heist
Denzel Bostander
VBS liquidation
VBS creditors

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