[ad_1]
The situation in the Nedbank branches in Thohoyandou and Makhado in Limpopo stabilized on Friday at 10:30 am as depositors of VBS Mutual Bank rushed to open accounts in order to be able to withdraw from the bank. money.
R330m had been given to Nedbank to pay VBS customers affected by the collapse of the bank.
Each client will be allowed to withdraw a maximum of R100,000. There are currently 22,700 retail VBS depositors who will benefit.
The Reserve Bank placed VBS under guardianship in April after discovering that the bank did not have enough funds to honor its obligations to depositors. On Monday, the Reserve Bank suggested that 75 percent of VBS's badets could have been stolen by its executives and directors.
This is the same bank that granted former President Jacob Zuma a loan of 7.8 million euros to repay the state. "We had a large line of VBS depositors early this morning who came to open their Nedbank accounts," said David Schwegmann of Nedbank in Thohoyandou on Friday, where he was overseeing the process.
He stated that it was too early to say how many VBS depositors had visited three branches and Nedbank satellite points in Boxer shops in both cities
while applicants were queuing for get their money. , With links to VBS that would have been used to pay R250,000 for an "ANC gala dinner" in January.
The Mail & Guardian reported that VBS curator Anoosh Rooplal disclosed in court records that since early 2016, the Robvet account had been used to pay "commissions" to third parties that helped VBS raise deposits with municipalities.
The newspaper reported that Rooplal had asked the court to sequester Vele Investments' president and former VBS chief of operations, Robert Madzonga. The Sunday Times reported in June that the money stolen from VBS had been used to give King Venda Toni Ramabulana gifts worth around 12 million rand, including a R7.8m home in Dainfern. Golf Estate in Johannesburg, Range Rover Sport R1.1m, BMW 750L R1.5m and Mercedes-Benz Viano R1.3m
Relief for Customers
Friday Earlier, VBS Customer Azwindini Makhokha has expressed his relief on live TV, even though he could not pull out all his savings.
"I am here in Nedbank to withdraw R100,000 because I have R115,000 in the bank, so today I am very very hap py.Everyone is smiling nowadays because, we have suffered a lot, sleeping in the queues, everything, "he told Zikhona Tshona of the AEBC
according to Rudzani Tshivhase of the SABC
. A member of the Magiabila Family Society, one of the troubled bank's investors, told Sowetan that he was relieved that Friday marks the beginning of a process to give them access to their funds after a a period of confusion and frustration
. "Since the Reserve Bank of South Africa made this announcement this week, people are no longer sleeping outside the bank in Thohoyandou. We are pleased that our government has intervened with immediate effect to save our money. "
VBS is under guardianship for the safety of depositors.
In a recent notice, the team of curators – anticipating the influx of clients into bank branches – "
The Conservatives said that to access their funds, individuals had to travel to the nearest Nedbank branch with a valid identity document. "Nedbank has been selected to receive all VBS Mutual Bank transaction accounts due to its location, capacity, systems, manpower and product and price offerings. most relevant products ".
Explaining the limit on withdrawals, the Conservatives said: "Customers are guaranteed up to 100,000 R of their available balance.Customers wishing to withdraw beyond the guarantee limit of R100,000 currently available in their accounts, will not be able to do so because the limit set by the Treasury is Rs 100,000. "
Those who have additional savings will have to adopt She told eNCA her frustration on Friday, saying that she had saved more than R300,000 with the bank for many years and she wanted to get it back.
The Conservatives said: "The excess funds on the R100,000 guarantee will remain at VBS Mutual Bank and the depositors will not have access to these funds until further notice. [We] will continue to seek badets for the benefit of the creditors concerned, the recovered funds will be paid to retail customers holding more than 100,000 rand, alongside commercial creditors and business depositors. "
The Conservatives" will update these depositors and creditors as necessary ".
VBS must continue to pay. "All loan account contracts remain at VBS Mutual Bank and are enforceable," said the Curatorship team
Business Day reported that the South African Reserve Bank has suggested that until the end of the year. to 75% of the badets of VBS Mutual Bank "It's a travesty that the failure of management has jeopardized so many depositors," said Lesetja Kganyago, Governor of the Reserve Bank [19659013]. the failure of the bank could have serious consequences for the municipalities of some of the poorest regions of the country, which risk losing almost all of the 1.6 billion rand that they have deposited with VBS, which increases the risk of budget deficit Alls and violent protests that could result from a lack of service delivery.
With Staff Writer
[ad_2]
Source link
