After the retrenchment of 94 workers, the VBS Mutual Bank has announced itsplans to sell off assets owned by the bank.

According to Anoosh Rooplal, who issued a statement  on Thursday  unused and redundant assets of the embattled bank will be sold and all proceeds will be to the benefit of the creditors of the bank.

The creditors include municipalities, trade creditors and the remaining retail depositors who currently have over R100 000 deposited in the mutual bank.

Earlier, South African Reserve Bank placed VBS Mutual Bank under curatorship in March after it was found that the bank was facing a liquidity crisis. Last week, an explosive report by Advocate Terry Motau revealed how almost R2 billion in bank’s coffers was looted by at least 53 individuals and entities over the last few years.

Similarly, in a bid to deal with the huge crisis, Rooplal said he had to reduce all non-critical costs of the embattled bank by closing branches with low traffic, including the Thavhani, Johannesburg, Durban and the Sibasa branches, in a bid to align cash inflows with the cash.

Those who were fingered in the malfeasance would be subjected to investigation and prosecution.