VBS Clients Can Get Funds Through Nedbank
VBS Funds Now Available At Nedbank
In March 2017 the SA Reserve Bank (SARB) placed the looted and collapsing VBS Mutual Bank into curatorship. In November 2018 it was ordered Liquidated as the extent of the looting became apparent.
READ MORE: VBS Looting Scandal
The bank had 18 3000 deposit accounts at the time and 17 750 were transferred to Nedbank (Valued at R260 Million). The bank’s deposit clients included burial societies, stokvels and savings clubs.
Due to the intervention of the SARB an arrangement was put in place whereby clients of the liquidated bank could withdraw up to R100 000. Anything over and above this amount will not be able to be claimed unfortunately for those few accounts where they had higher balances.
Depositors have been given until 8 July 2021 to withdraw their funds from Nedbank branches.
READ MORE: More Arrests in VBS Case
The VBS High Court case will resume in August 2021 with 18 people accused of fraud, money laundering, corruption and more.