Banking authority files for liquidation of VBS
The South African Reserve Bank's Prudential Authority (PA), formerly known as the Registrar of Banks, has filed court papers seeking the liquidation of VBS Mutual Bank.
In a press statement issued on Tuesday morning, the PA confirmed that it had filed the application with the North Gauteng High Court in Pretoria.
"Whilst VBS is currently under curatorship pursuant to a decision taken by the Minister of Finance on 10 March 2018, the PA is of the view that curatorship must now be terminated and VBS must be placed in final winding-up," the statement reads.
"This is as a result of the fact that VBS is hopelessly insolvent and massive frauds have been perpetrated against it. As a result, there is no prospect of entering into any resolution plan in respect of VBS."
The liquidation was in the best interests of all parties, it added.
The final winding-up was also recommended in the bombshell investigation report by advocate Terry Motau that was made public earlier this month.
The PA expects the application to be set down for November 13.
News24 reported last week that Mahikeng Local Municipality had also filed a liquidation application with the Limpopo High Court.
In the statement, the PA said that Mahikeng's application was flawed.
"The PA is of the view that the Mahikeng Local Municipality's application is defective for a number of reasons, including that it is the PA who should terminate curatorship by liquidation. The PA has not been joined in the Polokwane High Court application and it is the Pretoria High Court which exercises jurisdiction in this matter," the statement concluded.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
