The High Court in Pretoria rules that the Reserve Bank can liquidate the assets of VBS Mutual Bank

SAfm — The High Court in Pretoria has ruled that the Reserve Bank can liquidate the assets of VBS Mutual Bank. The bank had made the application last month saying there is no hope of saving the bank following massive looting and fraud amounting to 1.2 billion rand. "The Great Bank Heist" report by advocate Terry Motau also recommended that the bank's operations be wound down. It lists 53 people as having received money from the bank under questionable circumstances. Last week MPs raised questions about why the Reserve Bank was not prepared to put in place a rescue plan for VBS.