VBS Mutual Bank: the great bank heist: investigator's report to the Prudential Authority

"The South African Reserve Bank (SARB) received the forensic investigation report into the affairs of VBS Mutual Bank (VBS) from Advocate Terry Motau SC on 5 October 2018. This report was in pursuance of Advocate Motau’s appointment as an investigator in terms of section 134 of the Financial Sector Regulation Act 9 of 2017 by Deputy Governor of the SARB and Chief Executive Officer (CEO) of the Prudential Authority (PA), Mr Kuben Naidoo. VBS was placed under curatorship on 11 March 2018 against a backdrop of a serious liquidity crisis at the mutual bank. The initial findings of the curator revealed significant financial losses in VBS, which prompted the decision to institute a forensic investigation."