Durban – A Durban church escaped just in time from investing millions in Venda Building Society Mutual bank (VBS).
Senior apostle Mxolisi Phakathi of Twelve Apostles Church, said they thanked Jesus that VBS officials at a Durban branch had delayed opening accounts for their church members.
Phakathi said the church pastor, chief apostle Ceasar Nongqunga, encouraged its 4.5million members to move money to VBS.
“Fortunately, the only account that was opened, was the church account.
“However, we had not put money into the account because there was still a process to be followed for all the other congregants to set up their accounts.
“We believe God saved us from investing in VBS,” said Phakathi.
Nongqunga told his members to deposit their money in the VBS bank at an international thanksgiving service in 2016, which was attended by former President Jacob Zuma.
Zuma took a loan with VBS to pay back the money he owed on his Nkandla home.
A forensic report released last week, titled The Great Bank, heist revealed how almost R2billion was looted by the bank’s executives.
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