Juju

Anoosh Rooplal has been the central, state-appointed authority managing the financial fallout of the VBS Mutual Bank collapse since the fraud was first uncovered in early 2018. His involvement progressed through two distinct legally mandated phases. In the Curatorship Phase (March – November 2018) the South African Reserve Bank placed VBS under curatorship after severe liquidity stress and evidence of widespread fraud, and Rooplal was selected to lead the intervention; his initial audit revealed that R900-million of the bank’s reported R2.9-billion in deposits was entirely fictional, confirming VBS was deeply insolvent. He successfully approached the courts to freeze the personal assets and initiate provisional sequestration of top VBS directors and related entities such as Vele Investments, and facilitated an agreement with Nedbank that allowed everyday citizens, stokvels and burial societies to safely withdraw their guaranteed savings up to R100 000. In the Liquidation and Asset Recovery Phase (November 2018 – present), once it was clear the bank could not be saved, the North Gauteng High Court officially wound up the institution and appointed Rooplal as final Liquidator; his mandate shifted strictly to asset tracing, litigation and creditor repayment. Through relentless collection strategies and property seizures his liquidation team has recovered roughly R730-million of the plundered capital. He launched a R863.6-million claim against auditing firm KPMG South Africa, arguing that compromised lead partner Sipho Malaba wilfully signed off on fraudulent financials to hide the ongoing looting; the matter settled out-of-court for R500-million. He has spearheaded high-profile asset-recovery actions against politically exposed individuals, including legal demands to recover defaulted multi-million-rand loans granted to former President Jacob Zuma and EFF-linked businessman Brian Shivambu, and structured the distribution accounts to reimburse defrauded municipalities and large corporate depositors — paying a first dividend of 7c in the rand (R159-million) in 2022 and a second dividend of 20c in the rand (R458-million). Because he served as the primary investigator who unravelled the fraudulent transactions, Rooplal remains a critical state witness and complainant in the ongoing VBS criminal trial against the remaining executives and politicians. Latest Madlanga Commission development — EFF leader Julius Malema has been implicated in an alleged quid pro quo plot at the Madlanga Commission of Inquiry.

Evidence leaders revealed WhatsApp messages suggesting Malema collaborated with suspended Crime Intelligence officer Feroz Khan and businessman Mo Sayed.

Sources

• South African Reserve Bank — Motau report ‘The Great Bank Heist’ (VBS Mutual Bank forensic investigation, 2018)
• Daily Maverick — VBS Mutual Bank liquidator Anoosh Rooplal on asset recovery and dividend payouts
• News24 — VBS liquidator settles R863.6m KPMG claim for R500m
• Business Day — VBS liquidator pursues Jacob Zuma and Brian Shivambu for defaulted loans
• Mail & Guardian — VBS Mutual Bank liquidation: second dividend of 20c in the rand paid to creditors
• Moneyweb — North Gauteng High Court winds up VBS Mutual Bank; Rooplal appointed final liquidator
• IOL — ‘We can ask for his removal because he lied’: Malema implicated in plot against Crime Intelligence Inspector-General at Madlanga Commission
• SABC News — Malema, Khan and Sayed WhatsApp messages under sharp focus
• IOL — Explosive testimony at the Madlanga Commission links Julius Malema to an alleged quid pro quo plot
• eNCA — Madlanga Commission mulls Malema summons
• Madlanga Commission of Inquiry — official record / live hearings