02-07-2025
R730-million of looted VBS money recovered
JOHANNESBURG - At least R730-million out of billions of rands looted from the defunct VBS Mutula Bank has been recovered, according to the Prudential Authority's last report.
The bank was liquidated in 2018 after 'The Great Bank Heist' report uncovered financial mismanagement.
Around R2,3-billion was siphoned.
The Prudential Authority says its focus is to claw back the remainder of the money for the benefit of creditors.
Municipalities and pensioners had invested in the bank.
Twenty-nine cases have been initiated as a result of criminal activities at VBS.
