Home General News Court orders closing of graft-hit bank in South Africa

Court orders closing of graft-hit bank in South Africa

A South African high court on Tuesday ordered the closing of a bank that collapsed after being burgled by politically individuals and businesses.

The collapse of VBS has been one of the most serious cases in South Africa since the earlier scandal-tainted former president Jacob Zuma.

An application by the South African Reserve Bank was unchallenged at the high court in the capital, Pretoria.

The mutual bank, which opened in October 2000, was put under administration in March 2018 as it ran out on money.

A central bank report titled “The Great Bank Heist” into the failure of VBS detailed how $130 million (112 million euros) was stolen over three years by 53 individuals, including executives and politicians.

It is unethical and awful to the core.

Indeed, there is hardly a person in its employ in any position of authority who is not, in some way or other, complicit.

The bank’s failure has hit poor and rural clients hardest, with the government saying the missing money must be recovered to protect depositors.

Previously, local media reports had revealed executives bought luxury cars and chartered helicopters with the bank’s money, and arranged huge illegal deals by Whatsapp messages.

VBS Mutual gained notoriety in 2016 when it lent Zuma $540,000 to repay taxpayers for upgrades, he made to his private home.


Arierhi Odjirighohttps://360aproko.com/
Music lover, writing gives me joy and am a proud one. The secret of getting ahead is getting started

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