Sarb moves to liquidate ‘hopelessly insolvent’ bank
Prudential Authority seeks court’s permission to wind up troubled VBS Bank
The South African Reserve Bank is seeking permission to wind up the collapsed VBS Bank, as administrators conclude that rescuing the institution is impossible.
In a statement today (October 30), the Sarb describes VBS as “hopelessly insolvent”, adding that “massive frauds have been perpetrated against it”.
Earlier this month an independent investigator reported back on the bank’s collapse, finding auditors KPMG signed off its accounts despite major issues. The provocatively titled report, The
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