The author of VBS bank corruption report Advocate Terry Mutau says he hopes there will be swift action by the NPA to bring those implicated in the bank’s downfall to book.
A final report on the investigation into large-scale fraud at VBS found that about R2 billion in depositors’ money was looted.
In a report titled “VBS Mutual Bank – The Great Bank Heist,” the curator recommends that more than 50 individuals be criminally charged and held liable in civil proceedings.
Mutau says there are prospects of recovery.
He says; “The immediate intervention by the NPA is key and central to all of this because if they delay, prospects of recovery become less. At this stage, there is a process underway which has prospects of recovery and one needs a holistic effort through all those that are concerned to play their part in order to maximize the benefit, so that the prospects of recovery and so that the most vulnerable have a chance of recovery.”
