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VBS curator reveals fate of depositors’ funds

PUBLISHED: Tue, 26 Jun 2018 10:56:53 GMT

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VBS Mutual Bank is once again in the spotlight, this time over allegations that its shareholders used the bank’s finances to pay for lavish lifestyles. According to the City Press, the Vhavenda king who is the bank’s former chairman and Vele Investments founder, allegedly used hundreds of millions in depositors’ funds to buy a helicopter for the king, luxury apartments, designer clothing, and expensive cars. As it stands, about R900 million is said to be unaccounted for. This comes at a time when the bank fights for its life after being put under curatorship in March. Joining CNBC Africa to discuss this further is Nditsheni Tshithavhani, VBS curator from Sizwe Ntsaluba and Gobodo.

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