Wednesday 19 December 2018
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allafrica - 1 month ago

South Africa: Explainer - Lessons From the Collapse of a Small South African Bank

[The Conversation Africa] The South African Reserve Bank placed VBS, a small mutual bank, under curatorship in March this year against a backdrop of a serious liquidity crisis. The initial findings of the curator revealed significant financial losses, which prompted a decision to institute a forensic investigation. This was completed by early October and handed over to the banking regulator, the Prudential Authority. The report revealed widespread looting and subsequent cover-ups. The report was handed over to the country s law enf

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