South Africa: “First Black Bank” Collapses after Being Looted by Owners

VBS Mutual Bank – lauded as the first bank in South Africa to be totally owned and managed by Africans – has collapsed after its owners stole all the cash and bribed government and local government officials into depositing money in the operation, an official inquiry set up by the South African Reserve Bank (SARB) has found.

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About South Africa

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