The prudential authority, which regulates South Africa’s banks, has applied to court to liquidate and finally wind up VBS Mutual Bank, it said in a statement on Tuesday. “This is as a result of the fact that VBS is hopelessly insolvent and massive frauds have been perpetrated against it,” the prudential authority said in a statement.
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Source link : http://www.topix.com/world/south-africa/2018/10/final-death-knell-for-vbs-as-liquidation-application-launched?fromrss=1
Publish date : 2018-10-31 00:16:53