Tweet August 10, 2018 10:51 am Leave your thoughts
The bank has been placed under curatorship amid a fraud scandal.
In June, the Cooperative Governance Department urged affected municipalities who invested in the bank to work on recovery plans.
More than one billion rand was deposited with VBS as part of a short-term investment by several municipalities from the North West, Limpopo and Gauteng provinces.
The Reserve Bank intends on appointing a commission of inquiry into what went wrong and whether regulators were “asleep at the wheel”.
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