VBS Mutual Bank was a South African mutual bank. In 2018 it was declared insolvent and bankrupt and placed under curatorship, with South African citizens and taxpayers defrauded out of roughly R2 billion. It was formed as Venda Building Society in 1982, and became a mutual bank in 1992.
Table of Contents
Purpose
As per the Insolvency Act 24 of 1936 as amended, the liquidator’s primary role is to trace and recover the assets of the Bank to the benefit of all of the Bank’s known creditors.
Values
- Pride
- Accountability
- Innovation
- Ubuntu
- Respect.
FAQ
What Does VBS Mutual Bank Stand For?
VBS Mutual Bank was a South African mutual bank. It was formed as Venda Building Society in 1982, and became a mutual bank in 1992.
What Happened at VBS Mutual Bank?
A number of people have been arrested by police investigating one of South Africa’s most notorious corruption scandals, the looting and collapse of VBS Mutual Bank. VBS, which held the savings of many disadvantaged people and local municipalities, collapsed with more than £100m in debts in 2018.
What Is the Reason the VBS Bank Failed?
A closer look at VBS will show that the catastrophe was the result of a combination of factors – poor management, a heavy dose of powerful commercial interests, poor regulation and a tinge of politics.
What Does Mutual Bank Mean?
A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, owned by its members who subscribe to a common fund. From this fund claims, loans, etc., are paid. Profits after deductions are shared among the members.
What VBS Stands For?
VBS. Vacation Bible School. VBS. Visual Basic Script (Microsoft)
Contact Details
Address: 18-20 Hill Street, Grahamstown
Tel: +27 (0) 46 622 7109
E-mail: enquiries@gbsbank.co.za
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