The High Court in Johannesburg has granted an order allowing for the immediate liquidation of VBS Mutual Banks largest shareholder, thereby allowing liquidators to begin trying to recover as much as half of the R1.5bn that was stolen from depositors of the bank.
Acting Deputy Judge President Moroa Tsoka wasted no time on Tuesday in granting a final liquidation order against Vele Investments, the banks controlling shareholder. The application for the liquidation of Vele had been brought by the banks curator, Anoosh Rooplal.
Its a great milestone for the curatorship, its a step in the right direction to potentially recover assets that rightfully belong to the VBS depositors, he said.
These d…
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