It's difficult to believe, but there are people who want to revive VBS's precursor, the Venda Building Society. The Reserve Bank has confirmed that the Matsila Development Trust, administered by the Limpopo royal family, has shown interest. eNCA anchor, Sally Burdett spoke to Chief Livhuwani Matsila, of the Matsila Royal House. Courtesy #DStv403
JOHANNESBURG - The Limpopo Royal Family want to revive the VBS Bank.
This comes two years after thousands of people lost everything when the bank was looted.
The trust, which was established by the Matsila Royal Family of Limpopo, wants to reintroduce the bank to the market as a commercial bank.
"The bank has been playing a very fundamental role in uplifting the social conditions of our people economically. We have a lot of small businesses who graduated into commercial business enterprises because of the assistance by the bank and we had burial societies that were dependent on the bank, as well," Chief Livhuwani Matsila said.
A report into the failure of VBS Mutual bank said over R1,8-billion was stolen over three years by 53 individuals, including executives and politicians.
Chief Matsila acknowledged a lot of work to rebuild trust needs to be done first.
"When the bank collapsed we were very devastated and we have to ensure that life support system that it played in our lives has to be restored because it's also part of our inheritance as an organisation," Matsila said.
The chief said the bank would rebuild trust by ensuring they will be fully compliant with legislative requirements set by the South African Reserve Bank.