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VBS Mutual Bank Board of Directors

On 11 March 2018, Nhlanhla Nene, South African Minister of Finance appointed SizweNtsalubaGobodo Advisory Services (Pty) Limited, represented by Anoosh Rooplal, as the curator of VBS Mutual Bank (VBS).

After a thorough assessment of VBS, Mr Rooplal recommended that an independent review of the business conduct of VBS be undertaken. Consequently, the Deputy Governor of the South African Reserve Bank and Chief Executive Officer (CEO) of the Prudential Authority (PA)[1], Kuben Naidoo, has appointed Advocate T Motau SC as an investigator in terms of section 134 of the Financial Sector Regulation Act 9 of 2017 to conduct a forensic investigation into the affairs of VBS.

The primary objective of the investigation that will be conducted by Advocate T Motau SC is to establish whether:

Any of the business of VBS was conducted with the intent to defraud depositors or other creditors of the bank, or for any other fraudulent purpose;

VBS’s business conduct involved questionable and/or reckless business practices or material non-disclosure, with or without the intent to defraud depositors and other creditors; and

There had been any irregular conduct by VBS’s shareholders, directors, executive management, staff, stakeholders and/or related parties.

Based on the findings of the forensic investigation, the CEO of the PA will take appropriate follow-up action.

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