WATCH: Reserve Bank details way forward for VBS Bank

File: The South African Reserve Bank is expected to announce more details on a way forward for VBS Mutual Bank on Monday afternoon. Photo: Facebook / VBS Mutual Bank

 

 

Editor's note: This livestream has ended. You can watch the video in the gallery above.

JOHANNESBURG - The South African Reserve Bank is expected to announce more details on a way forward for VBS Mutual Bank on Monday.

This follows confirmation that it had secured a guarantee for the troubled regional financial institution.

At the weekend it was reported that VBS’s owners had bribed, stolen and plundered depositors' money.

A new affidavit filed by VBS curator Anoosh Rooplal on Friday reportedly details the scale of the theft.

WATCH: VBS says no need for panic or customers to sleep at the bank

VBS has been in the headlines with allegations that senior executives and the Vhavenda king looted funds for personal benefit.

The situation has left many people unable to access their deposits.

 

 

eNCA

Discussion Policy

eNCA.com would like to send you push notifications.
Notifications can be turned off any time in your browser settings.
You have been registered for browser notifications