PIC welcomes decision to declare two former VBS directors delinquent

File: VBS was formed in 1982 as the Venda Building society and it became a mutual bank in 1992.

File: VBS was formed in 1982 as the Venda Building society and it became a mutual bank in 1992.

eNCA/Zikhona Tshona

JOHANNESBURG - The PIC has welcomed a court decision to declare its former employees implicated in the VBS Mutual Bank saga 'delinquent directors'.

The ruling means that former employees Ernest Nesane and Paul Magula are disqualified from serving as company directors.

READ: Court orders VBS liquidation

Nesane was the PIC's former executive head for legal counsel, governance and compliance. 

Magula was the corporation's former executive head for risk management.

Source
eNCA