Independent investigator appointed in South Africa’s VBS Bank saga
Central bank reveals $74 million shortfall at troubled commercial bank
The South African Reserve Bank has appointed an independent investigator to examine VBS Bank following a report suggesting the institution had engaged in fraudulent reporting.
Terry Motau SC will examine whether any business conducted by the commercial bank was conducted with the “intent to defraud” depositors or creditors. He will also need to determine whether any of the business conducted involved “questionable and/or reckless” business practices, the Sarb said in a statement on April 13.
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