VBS Mutual Bank 'can't be saved'

File: A damning forensic report alleges that Mphephu Ramabulana was a beneficiary in the failure of the bank.​​​​​​​

File: A damning forensic report alleges that Mphephu Ramabulana was a beneficiary in the failure of the bank.

Facebook

JOHANNESBURG  - Forensic investigator Advocate Terry Motau, who was tasked with investigating rot at the institution says VBS Mutual Bank can't be saved.

WATCH: VBS customers get their cash

R1.8-billion was squandered by dozens of people over 3 years.

The Venda king received R17-million from the bank while VBS chairman Tshifhiwa Matodzi received R325-million.

Motau said hardly anyone in a position of authority at the bank isn't in some way complicit in its demise.

WATCH: Reserve Bank details way forward for VBS Bank

He's recommended that those involved be criminally charged.

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.