Explainer: How VBS looters helped in collapsing another bank

Explainer: How VBS looters helped in collapsing another bank

- An amaBhungane report has claimed that VBS aided in the collapse of a Namibian bank

- Evidence is mounting of another elaborate heist carried out just over the border

- Briefly.co.za explains the situation that saw the devastation of SME Bank

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VBS Mutual Bank has been in the spotlight after it was revealed billions were looted, largely from the poor.

amaBhungane released a report detailing how Namibia's SME Bank was treated in a similar manner by those responsible for the collapse of the South African bank.

Briefly.co.za details what the situation is and how the two heists are connected.

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2017 saw Namibia's central bank seizing control of SME Bank, which had been established to serve small businesses and rural communities.

Minority shareholders in the bank had allegedly looted at least R380 million before fleeing across the border when the heat was turned up.

R270 million made it's way into South Africa while the rest was sent to Dubai according to the bank's liquidators.

VBS and those linked to it reported played a vital role in the crimes committed at SME before VBS itself collapsed.

VBS had reportedly helped in collapsing SME in two ways. The first was faking a R150 million deposit in the Namibian bank's name to help hide the looting taking place.

The second was sending R60 million back to SME, allegedly as a repayment for the first service.

This R60 million was reportedly stolen, with the matter playing out in courts both local and in the neighboring country.

Briefly.co.za reported that despite R2.7 billion stolen from VBS, not one person has faced prosecution.

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Source: Briefly.co.za

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