Business News

Four more companies liquidated to recoup VBS money

SABC News VBS SABC - Four more companies liquidated to recoup VBS money

Four more companies have been liquidated through the High Court in Pretoria in the ongoing process to recoup money lost by creditors and depositors in the liquidated VBS Mutual Bank. This brings the total number of liquidated companies to 18.

They include Vele Investment Proprietary. An estimated R2.7 billion is believed to have been stolen from VBS coffers.

VBS Mutual Bank Curator, Anoosh Rooplal says they are continuing with civil litigation against certain directors, managers and entities.

“We succeeded in having four further companies liquidated in the Pretoria High Court yesterday (Monday). They were Bonulog, Bonuspace, Bonusec and Bonuset PTY Limited. This brings the total number of companies we have liquidated to 18. We will continue to pursue civil litigation against certain directors, management and related entities that were beneficiaries of the fraudulent scheme.”

The Hawks Spokesperson Hangwani Mulaudzi says they have concluded the first leg of their investigations. He says they are only waiting for instructions from the National Prosecuting Authority (NPA).

“We are working very closely with the NPA. There are different legs that we are looking at, some of which have been completed with the NPA. We are just waiting for their instructions. If there are any in terms of information that might be needed, so there are also other investigations that are going to take some time to finalise.”

Watch the related video below for more on the story: 

The post Four more companies liquidated to recoup VBS money appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

Leave a Reply

Your email address will not be published. Required fields are marked *