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IN FULL | The great bank heist: The damning report on VBS Mutual Bank

10 October 2018 - 12:52 By TimesLIVE
VBS Mutual Bank in Thohoyandou, Limpopo.
VBS Mutual Bank in Thohoyandou, Limpopo.

The explosive findings of a damning report into the failure of VBS Mutual Bank reveals how its architects and accomplices stole a bank.

The report by investigators appointed by the Reserve Bank to establish what transpired in relation to the failure of VBS also found that criminal charges must be brought against those responsible. 

The investigation enormously benefited from the gathering and securing of evidence by forensic and cyber-forensic investigators assisting Werskmans which allowed “a regime which properly secured the chain of evidence, of enormous numbers of documents”.

This in part was made possible through search-and-seizure operations permitted and executed under the recently adopted Financial Sector Regulation Act. 

The findings, published in a 148-page report entitled “VBS Mutual Bank — The Great Bank Heist”, was released on Wednesday morning and makes a number of explosive findings.

Read the full report here: