The curator of VBS Mutual Bank, SizweNtsalubaGobodo Advisory Services (Pty) Limited, has instituted an urgent application in the High Court against Vele Investments Proprietary Ltd for its liquidation.
In addition, applications have been brought against Tshifhiwa Calvin Matodzi, (former Chairman of VBS Mutual Bank), Andile Attwell Ramavhunga (former CEO of VBS Mutual Bank), Philippus Nicholas Truter (former CFO of VBS Mutual Bank), Phopi Londolani Mukhodobwane (general head of treasury and capital management) and Robert Madzonga (former COO of VBS Mutual Bank) for the sequestration of their estates.
According to a media statement, the duty of Anoosh Rooplal, who acts on behalf of the curator, is to recover all assets for the benefit of the VBS Mutual Bank’s creditors.
“During April this year, Rooplal recommended that the Reserve Bank (SARB) conduct a forensic investigation of VBS Mutual Bank. The bank then appointed Advocate T Motau SC to conduct a forensic investigation into the affairs of VBS.
“The primary objective of the investigation is to establish whether:
“The investigator has reported certain preliminary findings to the SARB who in turn has made information available to the curator for the purposes of recovering assets,” the statement reads.
“After an examination and a careful analysis of the information, the curator has initiated the these civil legal proceedings. The forensic investigation is still ongoing.”
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