Co-founder of VBS Mutual Bank Madambi Muvhulawa has welcomed a report by the South African Reserve Bank into the embattled bank. He told eNCA that now work towards making sure those implicated in the looting face the full might of the law.
JOHANNESBURG - Co-founder of VBS Mutual Bank Madambi Muvhulawa has welcomed a report by the South African Reserve Bank (SARB) into the embattled bank.
He told eNCA that now work towards making sure those implicated in the looting face the full might of the law.
Muvhulawa said he knew nothing about the looting that was going on at the bank.
SARB revealed in a 150-page forensic report that over R2-billion disappeared from the bank.
WATCH: VBS customers get their cash
Forensic investigator Advocate Terry Motau said there is no prospect of saving the bank as it is corrupt and rotten to the core.
More than forty years ago the most daring heist in South Africa’s banking history took place. A group of industrious thieves, led by the elusive Mister Nightingale, skillfully tunneled their way some twenty-one meters underground into the vault of the Standard Bank in Krugersdorp. The bold bank robbers withdrew the princely sum of R400 000. They disappeared with the loot and no arrests were ever made. I have, for the past five months, investigated the sorry affairs of the VBS Mutual Bank. My report will reveal that the perpetrators of the heist at VBS made away with almost R2 billion. And they certainly did not put in anything like the hard work and effort of Mister Nightingale and his team. I trust that, in this case, arrests will be made. Advocate Terry Motau
The report is titled 'The Great Bank Heist'.
The investigation was done to establish whether VBS intended to defraud depositors and/or any other creditors of the mutual bank. and whether there had been any irregular conduct by VBS's executives/shareholders or related parties.
VBS was placed under curatorship by SARB earlier this year amid allegations of mismanagement and fraud.