Author: Thembi Siaga

Liquidators of VBS Mutual Bank have recovered R617-million in looted funds but many people who invested their savings in the bank will only get 26% back. Several municipalities have also lost about 75% of their money,. The Limpopo government promises strict controls on recovered funds, including mandatory public reporting and collaboration with law enforcement. Despite the recovery of R617-million (misreported in various media as R670-million) in looted funds at VBS Mutual Bank, many people who invested more than R100,000 of their savings in the bank have lost most of their money. Anoosh Rooplal, the bank’s liquidator, announced last week that…