SARB to announce grounds to appeal VBS report judgement against it and Motau

Johannesburg – The South African Reserve Bank (SARB) said it would soon announce its grounds for appealing the judgement against it and Advocate Terry Motau over the Great Bank Heist report on VBS Mutual Bank.

On Tuesday, Motau and SARB were dealt a blow when the Pretoria High Court reviewed and set aside parts of the reports.

Judge Vivian Tlhapi found that Advocate Motau failed to hear former Limpopo African National Congress (ANC) treasurer Daniel Msiza’s side of the story before releasing the report, which was unconstitutional and unlawful.

The central bank said it has consulted a senior advocate who advised them they have a case.

SARB believed there was good chance of winning on appeal.

It is looking to challenge the judge’s findings and the bank, stating that parts of the report relating to Msiza must be expunged or deleted because Motau failed procedurally.

The bank was a second respondent in the matter and was ordered to pay the legal cost because it commissioned the report.

Motau is also expected to apologise to Msiza in writing.

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