VBS liquidation opens door to civil, criminal proceedings
The liquidation of VBS Mutual Bank will allow criminal and civil proceedings against those responsible for its demise to pick up pace, and will allow for the recovery of money from those who looted or owed the bank, says a Business Day report. The Gauteng High Court (Pretoria) yesterday granted an order for the liquidation of VBS after an application by the SA Reserve Bank's Prudential Authority was unopposed by respondents, which includes the bank and the Minister of Finance.
Prudential Authority CEO Kuben Naidoo reportedly told Business Day that the court order provided approval of the final liquidation and the appointment of the present curator, Anoosh Rooplal, as liquidator.
‘It gives us more power to recover money from those that stole it or owe the bank,’ he said.
In Naidoo's application, he argued that VBS had to be wound up on an ‘urgent basis’ and a liquidator appointed ‘so that the necessary civil and criminal proceedings can be pursued to hold those accountable for the demise of VBS and so as to achieve a great as possible recovery for the creditors of VBS’.
The matter has been referred to the NPA for civil or criminal action to be taken against those implicated.
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