THURSDAY, March 28, 2024
nationthailand

World’s biggest bank heist just took place in South Africa

World’s biggest bank heist just took place in South Africa

More than 40 years ago a group of thieves tunnelled their way into the bank vault in Krugersdorp, west of Johannesburg, escaping with a modest 400,000 rand – about Bt880,000. I remember it well since at the time I was based in Krugersdorp, where it was the talk of the town for years. No arrests were ever made.

However that heist pales into insignificance when compared to what befell the VBS Mutual Bank. VBS was supposed to be a shining example of black entrepreneurship at its best. In March, however, after three years in operation its board was dismissed and the failing bank was placed under the curatorship – a short step from liquidation. VBS had been grossly plundered causing its collapse. 
 Just under 2 billion rand (Bt4.4 billion) had been stolen for the benefit of individuals and entities related to VBS executives, including its largest shareholder, VELE investments. 
Prior to falling into curatorship, VBS executives devised a cunning plan to recapitalise their bank. They put word out in the marketplace and in the ears of government officials that its proven track record of growth against all odds meant VBS should be expanded to become a commercial bank. These words were only meant to disguise the reality that VBS was bankrupt. Who will pay the price if this bank cannot be saved? Sadly, its low-income customers, many of whom slept overnight outside branches hoping to get some of their money back when they opened in the morning.
“What happened at VBS is really a shame [to] the people of South Africa as a whole,” noted our president, Cyril Ramaphosa. 
Alf Haupt
Chon Buri

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