Reserve Bank’s Prudential Authority to appeal VBS ruling

The SA Reserve Bank’s Prudential Authority said on Wednesday that it will appeal a judgment setting aside findings that advocate Terry Motau made against ANC politician Danny Msiza in his explosive report about the wide-scale looting that collapsed VBS Mutual Bank.

The PA, which is responsible for regulating banks, insurers, co-operative financial institutions, and financial conglomerates, among other things, said it has considered the judgment and, “following the senior counsel’s advice that there are good grounds to appeal the judgement, will proceed to file an application for leave to appeal”.

“It is clear that Msiza intervened on numerous occasions when his political influence was required,” Motau stated. However, Pretoria High Court judge Vivian Tlhapi ruled that Motau had denied Msiza, reportedly a key ally of ANC secretary-general Ace Magashule, “procedural fairness” by not hearing his side of the story before finding that he was a “kingpin” in the VBS Mutual Bank looting.

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