VBS Mutual Bank curatorship cost R21.6m | Fin24
 
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VBS Mutual Bank curatorship cost R21.6m

Mar 15 2019 06:15
Lameez Omarjee

The total cost of placing VBS Mutual Bank under curatorship amounted to R21.6m, Finance Minister Tito Mboweni has said.

The minister was responding in a written reply to a question from EFF MP Leigh-Ann Mathys about the amount of money paid to the curator.

In March 2018, the SA Reserve Bank (SARB) placed VBS under curatorship as it was facing a liquidity crisis. Auditing firm SizweNtsalubaGobodo was appointed curator.

The bank had made headlines in a scandal that saw almost R2bn being looted, impacting some 22 000 depositors.

In November 2018, the North Gauteng High Court granted the Prudential Authority - the prudential regulator that falls under the SARB - its application to have VBS liquidated.

"The total cost of curatorship for the period March 12, 2018 to November 12, 2018 amounted to R21.6m, excluding VAT," Mboweni's reply read.

* Update: This article has been updated to reflect that almost R2bn was looted from VBS. 

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