The South African Reserve Bank (Sarb) says a liquidator will now be appointed to manage the winding down of the VBS Mutual Bank.
This follows the ruling by the High Court in Pretoria to grant the Prudential Regulation Authority its application to liquidate the bank.
The application follows advocate Terry Motau's finding of widespread looting at the bank and his recommendation that it should be wound up because it simply cannot be rescued.
Sarb says the liquidation process will include recovering assets and distributing any proceeds from recovered assets in the interests of all creditors.
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