File: Venda-based VBS Mutual Bank shot to prominence in 2016 when it lent former president Jacob Zuma R7.8-million.
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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&39; money.
A new affidavit filed by VBS curator Anoosh Rooplal on Friday reportedly details the scale of the theft.
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.