A South African court on Tuesday approved an application by the central bank to wind up VBS Mutual Bank, which was caught up in a corruption scandal this year.
A report commissioned by the South African Reserve Bank and titled “The Great Bank Heist” found that at least 1.9 billion rand ($132 million) had been looted from VBS and that its financial statements had been misstated.
VBS was thrust into the spotlight in 2016 when it provided a 7.8 million rand loan to then-president Jacob Zuma to reimburse the state for lavish upgrades to his private residence including a swimming pool and amphitheatre. ($1 = 14.3926 rand)
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