The forensic investigation by the South African Reserve Bank into VBS's affairs has found almost 2-billion rand was lost by the bank, in what's been termed a heist. Forensic investigator Advocate Terry Motau says there is no prospect of saving the bank as it is corrupt and rotten to the core.
JOHANNESBURG - The forensic investigation by the South African Reserve Bank (SARB) into VBS Mutual Banks's affairs has found almost R2-billion was lost by the bank, in what's been termed a heist.
Forensic investigator Advocate Terry Motau said there is no prospect of saving the bank as it is corrupt and rotten to the core.
WATCH: VBS customers get their cash
The 150-page report implicates prominent South Africans such as EFF deputy president, Floyd Shivambu's younger brother Brian and Venda King Toni Mphephu.
VBS was placed under curatorship by SARB earlier this year amid allegations of mismanagement and fraud.
