WATCH | VBS forum wants bank back

The VBS Mutual Bank minority shareholders forum has called for the restoration of the defunct bank and full recovery of funds.

The forum represents a minority of shareholders, such as stokvels and individual depositors, who lost more than R2bn through the looting of the bank which led to its collapse in 2018.

Forum secretary Robert Livhoyi wants the assets of individuals who are involved in illegally benefiting from the bank to be attached so they can get their money back.

“The only thing we request is that all the people who have done wrong to the bank, people who got money unlawfully, need to bring back the money. There's a liquidator responsible for recovering money from all the people who benefited, so that is what we are very interested in.

“The Hawks should also attach the properties of people who benefited unduly so they can recover the money. We appeal to the Special Investigating Unit to continue selling the assets of perpetrators so they can refund what is due to the bank,” Livhoyi said in an interview with the SABC.

He believed the bank could succeed should it be re-opened.

“ They told us the licence of the former VBS cannot be restored. What they can do is give us a new licence. They don't mind if we call it VBS, but it won't be the same licence,” Livhoyi said.

Investigations into and legal proceedings of those implicated in the bank saga are ongoing. The first VBS individual sentenced for his involvement in the looting, Phillip Truter, has been released on parole.

Earlier this month, former VBS chairperson Tshifhiwa Matodzi was sentenced to 15 years in prison after he pleaded guilty in the Pretoria high court to 33 counts, including corruption, theft, fraud, money laundering and racketeering activities in contravention of the Prevention of Organised Crime Act.

In his affidavit, Matodzi said politicians, organisations, and other individuals benefited from the money looted. 

All the individuals implicated have denied the allegations.

Livhoyi expressed his dissatisfaction with the arrests that have occurred and argued this has not brought back their money.

“People are not happy because we don't get anything back.”

Livhoyi said life has not been the same for individuals who lost money.

He pleaded with those involved in the looting to pay back the money.

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