The North Gauteng high court on Tuesday granted a final order allowing an application by the South African Reserve Bank to liquidate the failed VBS Mutual Bank.
In less than ten minutes, Judge Johan Louw instructed the immediate implementation of the liquidation order. No parties opposed the application.
The central bank placed VBS under curatorship in March and a report entitled "The Great Bank Heist" released by the SARB last month said some 50 people gratuitously received R1.894 billion from the Limpopo-based institution over a three-year period starting in March 2015.
Here is the full report released by SARB:
The main opposition Democratic Alliance has called on South Africa's Public Protector to investigate all mayors implicated in the looting.
It wants lifestyle audits to be conducted on every person mentioned in the scandal.
- African News Agency (ANA)
