VBS bank lays off almost 100 workers

The VBS Mutual Bank has finally retrenched more than 90% of its staff, after the massive  looting that affected the bank.

The fear speculated  by many citizens has finally taken shape.

A new report reaching News360.  has established that 94 employees, leaving the beleaguered bank with just 26 staff members made up of two general  managers, admin staff and a collections team.

The drastic  job cuts have been under discussion since July this year after VBS was placed under curatorship in March by the South African Reserve Bank.

READ: Malema says Pravin Gordan is behind VBS Bank heist

According to a statement by curator Anoosh Rooplal released on Wednesday, curator said that the reduction in staff was a necessary step to reduce costs for the bank.

The South Africa Reserve Bank earlier published a final forensic investigation report, compiled by advocate Terry Motau, into the collapse of VBS.

Motau found wide-scale looting totalling nearly R2bn had led to the bank’s liquidity crisis.

The poor  are the most affected  from the so called ‘great bank  heist ‘

Many citizens have joined  the call for  justice.


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