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Clients of VBS Mutual Bank in difficulty will now be able to access their funds after the intervention of the Treasury.
VBS was placed under guardianship in March after facing liquidity problems for 18 months. The problems included the inability of the board and management to manage funding for the bank's rapid growth and liquidity.
"Today, we are pleased to announce mechanisms to reimburse qualified VBS depositors." South African Reserve Bank (SARB) Governor Lesetja Kganyago told reporters at a press conference Monday
Kganyago said the resolution came after discussions with the Treasury
government provided a SARB guarantee to facilitate the repayment agreement for all retail deposit retail deposits, starting Friday.
When the bank was placed under curatorship in March, the SARB had stated that all retail deposits up to R50,000 per depositor would be guaranteed. The relief has been for retail deposits of individuals, funeral companies, stokvels and savings clubs. However, the guarantee does not cover municipal or corporate deposits.
Depositors will be able to access their funds through Nedbank.
"After considering several options, and based on specific criteria of access to the funds of depositors We decided to use Nedbank to facilitate the repayment of depositors.
" Selection Criteria a refund support included the proximity of the depositors, the cost structure, the speed of execution, the complexity of the multiple media and the advice provided. "We also looked for a payment institution offering specifically similar types of products to those offered by VBS to its customers, in the event that VBS customers should choose to leave their deposits at the payment institution," Kganyago said.
Retail depositors will have to visit their nearest Nedbank branches and produce authentic identification to access their funds.
be asked to sign an agreement badigning their rights to their claim in VBS to the SARB up to R100 000 of their deposit, the governor said.
"To facilitate the transfer of personal data and VBS account to Nedbank VBS services will not be able to provide withdrawal services from Tuesday, July 10," Kganyago said. [19659002] A forensic investigation, led by attorney Terry Motau, on possible fraud and malfeasance by VBS is in progress, at the end of August or early September
"Initial Findings of the investigation were made available to the registrar by the SARB. The conservative used these preliminary findings of the investigation to launch urgent demands to take steps to recover the sums owed to VBS, "said Kganyago .- SAnews.gov.za
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Posted by Editor on 07/11/2018 Filed under News.You can follow the responses to this entry via RSS 2.0.
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