PIC Welcomes VBS Arrests

"The PIC will continue to cooperate with these agencies until the VBS matter is finally settled."

0
VBS Bank
VBS Bank

The Public Investment Corporation (PIC) has welcomed the arrest of seven suspects allegedly involved in the collapse of VBS mutual bank.

This comes after the Hawks on Wednesday arrested four suspects during a raid on 10 properties in Gauteng and Limpopo. A further three were expected to hand themselves over to investigators, while a warrant of arrest for the eighth suspect is yet to be effected, as he is in COVID-19 isolation.

The seven are today expected to appear before the Johannesburg High Court, sitting at the Palm Ridge Magistrates Court.

The PIC was a significant shareholder in VBS [Venda Building Society] when it was placed under curatorship by the Prudential Authority of the South African Reserve Bank (SARB).

In a statement issued on Thursday, the PIC said it believes the arrests were an important step in ensuring that those who are responsible for the collapse of VBS are held accountable.

“The PIC has been fully cooperating with investigations by law enforcement agencies following the release of Adv. Terry Motau SC’s forensic report into the collapse of VBS. The PIC will continue to cooperate with these agencies until the VBS matter is finally settled,” the PIC said.

The bank was placed under curatorship in March 2018 after it experienced liquidity challenges over 18 months. Problems included a failure of the board of directors and executive management to manage the bank’s rapid growth funding and its liquidity. – SAnews.gov.za

Leave a Reply