Screengrab of the www.vbsmutualbank.co.za website. The fallout from the VBS Mutual Bank continued on Friday as news circulated that as many as 100 VBS employees face possible retrenchment next month. File Image: IOL

CAPE TOWN – The fallout from the VBS Mutual Bank continued on Friday as news circulated that as many as 100 VBS employees face possible retrenchment next month. 

According to the SABC, the failing bank has branches in Thohoyandou, Sibasa, Louis Trichardt in Limpopo, Gauteng and KwaZulu-Natal.

Louise Brugman, the spokesperson of the office of the curator, has said that only 26 employees will stay on. 

The rest of the employees will receive severance packages, three weeks’ salary and R5 000 for the repayment of their loans.

“Yes I can confirm that there has been a requirement to reduce staff at VBS Bank. This was announced to staff on the 13th of July already and the consultation process started on the 24th of August which included the unions and the non-unionised members. The CCMA was also involved and then this involved about 100 staff members and for the bank requirement of staff now is reduced to 26, so the impact of possible retrenchment is around a hundred people,"  Brugman said. 

ALL IS REVEALED

On Wednesday, forensic investigator Advocate Terry Motau concluded that the rot within the bank ran too deep to salvage it.

Motau, in his final report, said that an amount of R1.8 billion was gratuitously received from VBS by some 53 persons over the period 1 March 2015 to 17 June 2018.   

He has recommended that steps be taken to recoup monies from the following people:

1. Vele and its associates + R936 million

2 Tshifhiwa Matodzi = R325 million.

3 Free State Development Corporation = R104 million.

4 Kabelo Matsepe = R35 million.

5 Sipho Malaba R34 million.

6 Phophi Mukhodobwane R30 million.

7 Paul Makhavu = R30 million

8 Robert Madzonga = R30 million.

9 Andile Ramavhunga = R28 million.

10 Solly Maposa = R24 million

11 Ralliom Razwinane = R24 million.

12 Firmanox = R17.4 million

13 The Venda king, Toni Mphephu = R17.7 million.

14 Ndivhuwo Khangale = R16.8 million.

15 Sechaba Serote = R16.6 million.

16 Ernest Nesane = R16.6 million

17 Brian Shivambu = R16 million

18 Foxburgh = R15 million.

19 Paul Magula =  R14.8 million.

20 Charl Cilliers = R12.6 million

21 Tiisang Private Capital = R12 million.

22 Maanda Manyatshe = R11 million.

23 Sasa Nemabubuni = R9 million.

24 Sabicorp = R8 million.

25 Avashoni Ramikosi = R5.9 million.

26 Takalani Mmbi = R4 million.

27 Phillip Tshililo = R2 million.

 

BUSINESS REPORT ONLINE