High Court orders VBS liquidation

Despite calls by the EFF for VBS Mutual Bank to be recapitalised in the name of transformation, the final liquidation of the company has been ordered by the High Court following an urgent application by the Reserve Bank for the process after the organisation found the institution to be hopelessly insolvent following details in The Great Bank heist report of how nearly R2 billion was looted from the company. Cas Coovadia, MD of the Banking Association of South Africa joins us on the line with his perspective on the move.