More companies and municipalities whose money went up in smoke when VBS Mutual Bank went under will be getting some payment back.

VBS liquidator Anoosh Rooplal said some of the defunct bank's creditors have received first dividends since the bank was placed under liquidation in 2018, according to a Fin24 report.

Some R2.3bn was stolen from the bank through fraud.

Rooplal yesterday said he has started paying the first liquidation dividend to preferential and concurrent creditors after the Master of the High Court gave him the green light on 28 January.

‘A first liquidation dividend of 7 cents in the Rand is being paid to all proven concurrent creditors. This amounts to approximately R159m, of which approximately R110m will be paid to relevant municipalities,’ said the liquidator in the statement.

He said concurrent creditors who lodged valid claims include 13 municipalities, various business depositors, retail depositors and supplier creditors.

Retail depositors who still have to be paid were only those who had over R100 000 of their money in VBS. They were paid up to R100 000 in 2021, which came from the SA Reserve Bank guarantee.

Although preferential creditors include ex-employees of VBS Mutual Bank, Rooplal said they, too, have received payment of some of their claims.

The 26 employees received a final settlement of up to R28 000 per person.

Full Fin24 report