Only three municipalities in queue to recoup VBS Mutual Bank millions

More than a year after the VBS Mutual Bank scandal broke, only three municipalities that had unlawfully deposited money with the bank are stepping forward in the hope to recoup some of it.

Most of the municipalities that lost their investments are in Limpopo. Municipalities in the North West and Gauteng were also affected. The money invested in VBS was intended for aspects such as service delivery for those municipalities. Rooplal said he could convene another special creditors meeting later in which they could prove further claims.

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