VBS Bank depositors concerned about their money

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Some communities under municipalities which invested millions of rand in the now liquidated VBS Mutual Bank  in Limpopo, say they are disappointed that those who allegedly looted the bank have not been arrested.

The people, mainly villagers from the rural Vhembe District in Limpopo, are concerned that they might never get their money back.

This comes after the recent Auditor-General’s report indicated that over R1 billion that some municipalities invested in the bank is not likely to be recovered.

The bank was closed in 2018 after several business people who worked with politicians allegedly looted R2 billion from the bank.

A depositor says, “I am not happy at all, because those people who looted the bank are rich and well known. But there is not action taken against them. What is government saying about our plight? No one is telling us if we are still going to get the rest our money back.

“I am a single mother who is looking after children and taking them to school. I had saved my money, but criminals came and took it all. The funny part of it is that the money was looted by politicians who are leaders in the country,” says a depositor who  wants to remain anonymous.

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