VBS trial to commence in Pretoria High Court

The Reserve Bank’s application for the liquidation of the assets of VBS bank is expected to be heard in the Pretoria High Court on Tuesday.

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The Reserve Bank has defended its intention to approach the courts, in an effort to have VBS bank liquidated. Some structures and several of the troubled bank’s shareholders believe the bank can be saved, despite nearly R2 billion being looted from it.

Those who believe that VBS still has a future are expected to challenge the Reserve Bank’s application.

The Prudential Authority is expected to make arguments at the North Gauteng High Court, providing what it believes are reasons for the liquidation of the bank.