Prudential Authority

The SOC will be at the high court on Thursday to oppose an application for its liquidation

The bank does not have a solvency and liquidation problem, according to the department head

The bank said the closure threatens 400 jobs

Ithala’s provisional liquidation may result in the closure of 257 000 depositors’ accounts while legal proceedings are under way

The judge says the bank is not a Ponzi scheme and cannot be stripped of it non-banking powers

KwaZulu-Natal economic development MEC Musa Zondi said the ‘crisis’ at the finance institution, which had its licence suspended last week, was being addressed with urgency

Reserve Bank says depositors will still have access to money and the bank will be operational during the process

Absa announced that the businessman was removed from its boards after being accused of acting against the banking group’s best interest

‘I protected Pityana’s job’

The mining company’s former board chairperson has accused his replacement of engineering a sexual harassment complaint to get him out

The Reserve Bank owns 50% of African Bank, the Public Investment Corporation owns 25% and a consortium of private banks own the remaining 25%

The Reserve Bank placed VBS under curatorship in March this year after the mutual bank had experienced what had then appeared to be a liquidity crisis

One of the main lessons from the VBS Bank collapse in South Africa is that audit reports need to be treated with a degree of circumspection

Reserve Bank is second to apply for liquidation and it remains to be seen if this causes a delay

Thanks to massive fraud at VBS there is “no prospect” of any resolution for the bank says the prudential authority