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JOHANNEBSURG Anoosh Rooplal, curator of VBS mutual Bank has said that he has filed an urgent application to have the Vele group liquidated along with the various executives involved.

South African Reserve Bank governor Lesetja Kganyago said he is less confident that VBS Mutual Bank will remain open but plans are in place to protect depositors up to the value of R100 000. 

Anoosh Rooplal, curator of the bank speaking to Moneyweb, said while it was good that people will have access to the funds from Friday moving forward, his focus now is on recovering VBS Bank’s assets. 

Rooplal said, “I have filed an urgent application to have the Vele group liquidated and the various executives involved in the alleged fraud.”

Rooplal further said that he is in a recovery process of funds for VBS Mutual Bank and it depends on the outcome of the application filed against the Vele group and their executives on how much can be recovered. 

He further stated that the process will only be heard in court later this month. 

The South African National Civic Organisation (Sanco) on Monday commended VBS Mutual Bank curator Anoosh Rooplal for exposing “massive fraud” allegedly committed by directors of the institution, as well as its majority owner Vele Investments.

VBS Bank has come under inspection after it was revealed that the bank was allegedly looted of more than R1.5 billion by its own management.

The civic group applauded Rooplal for lodging an application to liquidate Vele and the steps being taken to sequestrate the bank’s executives.         

“Law enforcement agencies must expand the probe to investigate whether former North West Premier Supra Mahumapelo, officials in his administration, as well as municipalities in the province and across the country which had invested in VBS received bribes,” said Sanco spokesperson Jabu Mahlangu.

Mahlangu said that recouping monies siphoned from the bank will safeguard the interests of investors.

"The R1,5 billion that was allegedly withdrawn through fraudulent transactions by VBS directors must be recovered with interest and those implicated be held accountable," he said. 

- BUSINESS REPORT