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Calm restored as VBS clients in Limpopo get their cash

by 13/07/2018 08:27:00 0 comments 1 Views

Schwegmann said after VBS depositors’ details had been authenticated‚ they were given bank cards to withdraw their cash.

Schwegmann said it was too early to tell how many VBS depositors had visited three Nedbank branches and satellite points at Boxer stores in the two towns.

“There are still customers outside the branch but we have created three queues in the banks‚ one for existing Nedbank customers‚ another for individual VBS contributors and the third for VBS stokvel members.”

He said there were also 16 ATMs in the two towns where former VBS clients‚ whose details had been authenticated and who had been given debit cards‚ could make withdrawals.

Schwegmann said although the bank card issued by Nedbank had an automatic daily withdrawal limit of R1‚000‚ this amount could be increased at ATMs to R5‚000 per day.

“If the individual insists that he or she wants to withdraw the full amount‚ it is their choice - but for their safety we have urged customers not to withdraw large amounts of cash‚” he added.

While depositors queued to get their money‚ new details emerged on Friday about a shelf company‚ Robvet‚ with links to VBS that was allegedly used to pay R250 000 for an “ANC gala dinner event” in January.

The Mail & Guardian reported that VBS curator Anoosh Rooplal revealed in court papers that since early 2016‚ the Robvet account had been used to pay “commissions” to third parties who assisted VBS in raising deposits from municipalities.

The newspaper reported that Rooplal had applied to the court to sequestrate Vele Investments chair and former VBS operations chief Robert Madzonga‚ along with other senior officials at the bank in an attempt to recover funds.

The Sunday Times reported in June that money looted from VBS had been used to shower Venda king Toni Ramabulana with gifts worth almost R12-million‚ including a R7.8-million house at Dainfern Golf Estate in Johannesburg‚ a R1.1-million Range Rover Sport‚ a R1.5-million BMW 750Li and a R1.3-million Mercedes-Benz Viano.

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