VBS employees retrenched

SAfm — The employees of VBS Mutual Bank say they knew about the corruption taking place at the bank and reported the activities to authorities but that nothing was done. A worker who has been with the company for three years, has told SABC News he became aware after a year in service that money was being embezzled. This comes after 100 workers received retrenchment letters last week. The notices indicate that their employment will end on November the 12th. The Reserve Bank placed VBS under curatorship in March after the mutual bank started experiencing financial difficulties following evidence of widespread looting.