VBS Minority Shareholder's Forum is made up of individuals who purchased a small stake in the bank
The government did not do enough to rescue VBS Mutual Bank after it was looted of nearly R2 billion, according to the bank’s minority shareholders, who addressed the media in Thohoyandou, Limpopo.
In the hope that the purchases would save their beloved bank years after the bank collapsed, the Forum says there’s been little to no official communication as to how the process is going. They still believe the move to declare the bank insolvent was premature. R154 million of the R1.9 billion that was looted from the bank has thus far been recovered. The Forum wants the funds to be used to revive the bank.
A multi-billion-dollar organisation says it has been engaging with various stakeholders over the years to facilitate the bank’s resuscitation. It accuses the Limpopo provincial legislature of halting a process that would have seen the bank brought back to life.
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