VBS Mutual Bank Minority Shareholders Want Bank To Be Restored

• The defunct VBS Mutual Bank's shareholders have called for everyone to be refunded, and the bank restored
• The bank was placed under curatorship in 2018 after over R2 billion was looted from the bank, and many arrests followed
• The Minority Shareholder's Forum's secretary, Robert Livhoyi, shared how difficult life has been for those who did not receive their money

With nine years' experience, Tebogo Mokwena, a current affairs writer for Briefly News, provided insights into the criminal justice system and high-profile cases in South Africa at Daily Sun.

LIMPOPO—The lives of Limpopo residents who have not received a cent of their money since VBS Mutual Bank was placed under curatorship has been challenging. The bank's minority shareholders and depositors want it restored to its former state.

Read also

VBS Mutual Bank suspects ask for separate trial, South Africans in disbelief

VBS Mutual Bank shareholders speak

According to SABC News, Robert Livhoyi, spokesperson of VBS Mutual Bank's Minority Shareholders Forum, said depositors and anyone who didn't receive their money from VBS should be refunded. He said some received their money, and others did not.

Livhoyi said the bank was a one-of-a-kind bank.

"It was saving people in rural areas who needed to build houses and were hawkers," he said.

Livhoyi said the bank has a long history and was once the only bank for many in the province. He said the properties of those implicated in the VBS Bank looting must be attached to recover the money.

South Africans weigh in

Netixens on Facebook shared different views on the shareholder's plea to restore VBS Mutual Bank.

Robinson Maakana said:

"That's much better as if was unfortunately taken advantage of by the opportunists of this world. Shame to all who never even felt remorse at all for doing that to our beloved grandparents."

Read also

Ex VBS Mutual Bank shareholder hopes former CEO, treasurer will confess to looting

Lungisani Carburator Ngubane said:

"I hope the authorities listen to the Forum's demands. We need accountability and restitution. This is a good idea. Make it happen."

Tokelo Topdawg Lehola said:

"We are taking billions, and yet they tell us about the EFF's R5 million. Where's the rest of the billions?"

Lee Sithole said:

"Malema and Floyd, who are shareholders of VBS, missed the meeting."

Nduduzo Terence Zulu said:

"The media keeps telling black people about the R16 million. Where's the rest of the money?"

AfriForum opens cases against Julius Malema and Floyd Shjivambu

In a similar article, Briefly News reported that lobby group AfriForum opened a case against Economic Freedom Fighters' leaders Julius Malema and Floyd Shivambu.

This was after the convicted former chairman of VBS's affidavit implicated them in the looting of the bank.

Source: Briefly News