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词条 VBS Mutual Bank
释义

  1. History

  2. Curatorship

  3. References

{{Use South African English|date=November 2013}}{{Infobox company
| name = VBS Mutual Bank
| logo = VBS Mutual Bank logo.svg
| logo_size = 250px
| type = Public
| traded_as =
| industry = Banking
| fate = Bankruptcy
| founded = 1982
| defunct = 2018
| location = Rivonia, Johannesburg, South Africa
| area_served = Limpopo, South Africa
| key_people = {{Unbulleted list| Andile

Ramavhunga (CEO) | Philip

Truter (CFO) | Tshifhiwa Matodzi (Chairperson)}}


| products = Private Banking
Consumer Banking
| revenue = R47 million (2016)[1]
| net_income = R4.7 million (2016)[1]
| assets = R1,018,036,301 (2016)[1]
| equity = R144 million (2016)[1]
| num_employees = 87 (2016)[1]
| homepage = [https://www.vbsmutualbank.co.za/ vbsmutualbank.co.za]

}}VBS Mutual Bank is a South African mutual bank. It was formed as Venda Building Society in 1982, and became a mutual bank in 1992.[2] By 2016 the bank reportedly had around 30,000 depositors with all deposits in the bank totalling R800 million. In 2017 the bank planned to list on the South African Stock Exchange however, this never materialized. [3] Most of its branches and clients are located in Limpopo province.

History

Prior to 2014 the bank was relatively small and primarily involved in retail banking with many of its depositors consisting of burial societies and stokvels. The bank in turn issued mortgages and short term loans to its clients allowing them to use their property or banking deposits as collateral.[4] The South African Public Investment Corporation inherited its shares in VBS bank when it succeeded the pension fund of the Venda bantustan government[4] thereby giving it a 25% ownership stake in the bank.[5] Largest shareholder in the bank was Dyambeu Investments which owned 26% of the bank, 51% of Dyambeu Investments was owned by the Venda Royal family.[4]

Prior to coming under curatorship in 2018 the bank gain notoriety in 2016 when it gave a R7.8 million loan to then President Jacob Zuma when he was ordered to repay the state for controversial improvements to his personal homestead at Nkandla.[6]

In mid-2018 the South African Reserve Bank (SARB) instructed municipalities to withdraw their deposits in the bank as the Municipal Finance Management Act prevented them of depositing public funds in mutual banks. This along with mismanagement and corruption within the bank caused a liquidity crisis.[7] The prudential authority filed for VBS bankruptcy at the North Gauteng High Court on 30 October 2018.[8] On 13 November 2018 the North Gauteng High Court issued a final order to liquidate VBS mutual bank.[9]

Curatorship

Following liquidity problems, VBS Bank was placed under curatorship on 11 March 2018 in terms of the South African Banks Act, Act 94 of 1990, by the (SARB).

A report released by the SARB in October found evidence of wide-scale looting, fraud and corruption. It recommended that bank leadership, public officials and auditors be criminally charged and held liable in civil proceedings.[10] The report found that R1,894,923,674 (US$ 130 million) was transferred from the Bank to fifty three individuals between 15 March 2015 and 17 June 2018.[4] According to the report, R16,148,569[11] (US$1.09 million) of that money went to Brian Shivambu, younger brother of the Economic Freedom Fighter senior politician Floyd Shivambu.[12][13] The report also implicated the African National Congress's deputy chairperson for Limpopo, Florence Radzilani, and treasurer, Danny Msiza.[14]

The collapse of the bank had a large negative impact on the funeral industry in Limpopo Province as the bank was unable to honour insurance and burial society obligations backed by the bank.[15] It also had a devastating impact on stokvel and saving societies held by poor predominantly black South Africans in the Limpopo Province.[16]

In October 2018 national government announced that it would not bail out South African municipalities that had irregularly deposited R1.57 billion in the bank before it collapsed.[17][18] After the bank's collapse it was found that the bank held R372 million in negative equity.[19]

References

1. ^1 2 3 4 {{Cite web |url=https://www.vbsmutualbank.co.za/documents/VBS-2016-Annual-Report.pdf |title=VBS Mutual Bank Annual Report 2016 |date=2016 |website=VBS Mutual Bank |access-date=12 October 2018}}
2. ^{{cite web|url=https://city-press.news24.com/News/what-is-vbs-mutual-bank-everything-you-need-to-know-20160922|title=What is VBS Mutual Bank? Everything you need to know|first=Sipho|last=Masondo|date=23 September 2016|publisher=City Press}}
3. ^{{Cite news|url=https://www.businesslive.co.za/bd/companies/financial-services/2017-02-02-vbs-mutual-bank-which-lent-jacob-zuma-r78m-will-list-on-the-jse/|title=VBS Mutual Bank, which lent Jacob Zuma R7.8m, will list on the JSE|last=|first=|date=2 February 2017|work=Business Day|access-date=12 October 2018|language=en-ZA}}
4. ^1 2 3 {{Cite web|url=https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/8830/VBS%20Mutual%20Bank%20-%20The%20Great%20Bank%20Heist.pdf|title=The Great Bank Heist: Investigator's Report to the Prudential Authority|last=Motau|first=Terry|date=10 October 2018|website=South African Reserve Bank|page=19, 134|archive-url=|archive-date=|dead-url=|access-date=11 October 2018}}
5. ^{{Cite news|url=https://www.businesslive.co.za/bd/companies/financial-services/2017-02-02-vbs-mutual-bank-which-lent-jacob-zuma-r78m-will-list-on-the-jse/|title=VBS Mutual Bank, which lent Jacob Zuma R7.8m, will list on the JSE|last=|first=|date=2 February 2017|work=Business Day|access-date=2018-10-12|language=en-US}}
6. ^{{Cite news|url=https://businesstech.co.za/news/banking/136609/vbs-mutual-bank-explains-how-74-year-old-zuma-can-afford-r7-8m-home-loan/|title=VBS Mutual Bank explains how 74-year old Zuma can afford R7.8m home loan|last=|first=|date=14 September 2016|work=|access-date=2018-10-12|language=en-US}}
7. ^{{Cite news|url=https://www.fin24.com/Companies/Financial-Services/what-happened-at-vbs-bank-20180701-2|title=What happened at VBS Bank?|last=Masondo|first=Sipho|date=1 July 2018|work=Fin24|access-date=2018-11-30}}
8. ^{{Cite news|url=https://www.news24.com/SouthAfrica/News/banking-authority-files-for-liquidation-of-vbs-20181030|title=Banking authority files for liquidation of VBS|work=News24|access-date=2018-11-11|language=en}}
9. ^{{Cite news|url=https://www.fin24.com/Companies/court-orders-vbs-bank-to-be-liquidated-20181113|title=UPDATE: Court orders VBS Bank to be liquidated|work=Fin24|access-date=2018-11-13}}
10. ^{{cite web|url=https://www.news24.com/SouthAfrica/News/explosive-report-into-vbs-bank-reveals-large-scale-looting-20181010|title=Explosive report into VBS Mutual Bank reveals large-scale 'looting'|date=10 October 2018|first=Kyle|last=Cowan|publisher=News24}}
11. ^{{Cite web|url=https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/8830/VBS%20Mutual%20Bank%20-%20The%20Great%20Bank%20Heist.pdf|title=The Great Bank Heist: Investigator's Report to the Prudential Authority|last=Motau|first=Terry|date=10 October 2018|website=South African Reserve Bank|page=135|archive-url=|archive-date=|dead-url=|access-date=11 October 2018}}
12. ^{{Cite news|url=https://www.dailymaverick.co.za/article/2018-06-06-old-scores-new-threats-what-is-really-behind-the-effs-anti-indian-rhetoric/|title=Analysis: Old scores, new threats – what is really behind the EFF's anti-Indian rhetoric|last=Wyk|first=Marianne Thamm and Pauli Van|work=Daily Maverick|access-date=2018-10-11|language=en-US}}
13. ^{{Cite news|url=https://www.dailymaverick.co.za/article/2018-10-11-the-shivambu-brothers-and-the-great-vbs-heist/|title=The Shivambu Brothers and the Great VBS Heist|last=Van Wyk|first=Pauli|date=11 October 2018|work=Daily Maverick|access-date=2018-10-11|language=en-US}}
14. ^{{cite web|url=https://www.news24.com/SouthAfrica/News/anc-limpopo-to-hold-emergency-meeting-over-vbs-20181011#cxrecs_s|title=ANC Limpopo to hold emergency meeting over VBS|date=11 October 2018|first=Tshidi|last=Madia|publisher=News24}}
15. ^{{Cite news|url=https://www.timeslive.co.za/news/south-africa/2018-10-26-funeral-industry-left-for-dead-in-vbs-saga/|title=Funeral industry left for dead in VBS saga|access-date=2018-10-26|language=en-US}}
16. ^{{Cite news|url=https://mg.co.za/article/2018-03-16-00-stokvels-reel-from-vbs-banks-collapse|title=Stokvels reel from VBS bank’s collapse|last=Makana|first=Chester|date=16 March 2018|work=The M&G Online|access-date=2018-11-30|language=en}}
17. ^{{Cite news|url=https://www.timeslive.co.za/news/south-africa/2018-10-26-funeral-industry-left-for-dead-in-vbs-saga/|title=Funeral industry left for dead in VBS saga|access-date=2018-10-26|language=en-US}}
18. ^{{Cite news|url=https://www.timeslive.co.za/politics/2018-10-23-no-bailout-for-municipalities-who-ploughed-cash-into-vbs-mutual-bank/|title=No bailout for municipalities who ploughed cash into VBS Mutual Bank|last=Makinana|first=Andisiwe|date=23 October 2018|work=TimesLive|access-date=2018-10-28|language=en-US}}
19. ^{{Cite news|url=https://www.iol.co.za/business-report/companies/vbs-bank-has-r372m-negative-equity-17810861|title=VBS Bank has R372m negative equity {{!}} IOL Business Report|last=|first=|date=7 November 2018|work=|access-date=2018-11-30|language=en}}
{{bank-stub}}{{Banks of South Africa}}

5 : Banks of South Africa|Banks established in 1982|2018 in South Africa|South African brands|Companies listed on the Johannesburg Stock Exchange
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