It seems that the black banks are struggling for survival and eventually will sink while many clients and investors will lose money.
Four years after the collapse of the African Bank, the bank could only pay R1,1 billion to his creditors while an amount of more than R9 billion was payable.
According to the latest financial report, it appears that the “bad bank” is not able to properly pay the investors and creditors.
VBS Mutual Bank was recently liquidated due to large-scale irregularities, and resulted in major losses in municipalities that invested money in the bank.
Read the original article in Afrikaans on Die Vryburger
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