South Africa: “First Black Bank” Collapses after Being Looted Owners С 8 ategory: Would Comments VBS Mutual Bank—lauded as the first bank in South Africa to be totally owned and managed Africans has c

South Africa: “First Black
Bank” Collapses after Being
Looted Owners
С
8
ategory: Would
Comments
VBS Mutual Bank—lauded as the first bank in South Africa to be
totally owned and managed Africans has collapsed after its
owners stole all the cash and bribed government and local
government officials into depositing money in the operation, an
official inquiry set up the South African Reserve Bank
found.