The bank was placed under curatorship in 2018 but shareholders and depositors still have hopes of retrieving their funds.
Minority shareholders and executive members have outlined their desire to see VBS Mutual Bank revived and funds recovered. Four years ago, the South African Reserve Bank made more than R300 million available for limited withdrawals from retail depositors, but organisations are still empty handed.VBS SF chairperson Madambi Muvhulawa, who co-founded VBS, retold the events of 2018 that saw the bank forced into curatorship by the SARB.In outlining the figures that make up the staggering levels of fraud, Muvhulawa was adamant that the bank was still solvent when the SARB stepped in.
If liquidators retrieve ill-gotten funds, VBS SF wants the money to be used to pay creditors and shareholders, and to kickstart the bank’s resuscitation.VBS SF feel the government moved too quickly in closing the bank. The forum’s secretary Robert Livhoyi said talks had been held with the SARB about having a licence approved.