In less than 10 minutes, Judge Johan Louw instructed the immediate implementation of the liquidation order. No parties opposed the application.
The central bank placed VBS under curatorship in March and a report entitled The Great Bank Heist released by the SARB last month said some 50 people gratuitously received R1,894 billion from the Limpopo-based institution over a three-year period starting in March 2015.
SARB Deputy Governor and Prudential Authority CEO Kuben Naidoo lodged an urgent application in the High Court asking it to urgently liquidate VBS as it “is hopelessly insolvent, both factually and commercially”, partly citing the report compiled by Advocate Terry Motau.
The report detailed the massive scale of fraud and corruption that took place from 2015, allegedly masterminded by some of the shareholders and senior officials of VBS. They looted almost R2 billion and the majority of the funds were deposited by several municipalities in Limpopo, North West and Gauteng.
READ MORE: 65 witnesses so far in VBS case – Hawks
The Democratic Alliance has called on the Public Protector to investigate all mayors implicated in the looting. It wants lifestyle audits to be conducted on every person mentioned in the scandal.
– African News Agency