VBS to retrench 90 workers in wake of scandal

File: Basa and its members have assured former VBS clients all will be done to ensure they continue having access to their savings and investments.

File: Two accountants implicated in the VBS Mutual Bank fraud have failed to appear before a disciplinary hearing by the South African Institute of Chartered Accountants.

eNCA

JOHANNESBURG - VBS Mutual Bank will retrench about 90 workers in a bid to reduce costs.

The move comes after claims that nearly R2-billion was looted from the bank.

WATCH: Mayor speaks out on VBS

An investigation was launched after the South African Reserve Bank placed the bank under curatorship back in March.

A recent report implicated various public officials in the looting.

But the Progressive Professionals Forum says the institution shouldn't be closed and instead, a strategy should be put in place to save it.

READ: Vhembe district mayor denies knowledge of dealing with VBS

The PPF is a body of professionals, academics and entrepreneurs who contribute towards the country's development through their expertise and resources.

The organisation is supportive of the ANC and its policies.

READ: VBS scandal: Parliament agrees to probe Floyd Shivambu

PPF deputy president, Kashif Wicomb, spoke to eNCA.