[4] Prior to coming under curatorship in 2018 the bank gained notoriety in 2016 when it gave a R7.8 million loan to then President Jacob Zuma when he was ordered to repay the state for controversial improvements to his personal homestead at Nkandla.

[10] It also had a devastating impact on stokvel and saving societies held by poor, predominantly black, South Africans in the Limpopo Province.

[11] In October 2018 the national government announced that it would not bail out South African municipalities that had irregularly deposited R1.57 billion with the bank before it collapsed.

[16][17][18][19] The report also implicated the African National Congress's deputy chairperson for Limpopo, Florence Radzilani, and treasurer, Danny Msiza.

[23] In June 2020 eight people associated with VBS and the bank's auditor, KPMG, were charged by the NPA on 47 counts of theft, fraud, corruption and contraventions of the Prevention of Organised Crime Act.

[26] In October 2023 the Parliamentary Ethics Committee found that former EFF deputy leader and now MK party member Floyd Shivambu had received VBS money through transfers from Sgameka Projects Pty Ltd. totaling R180,000 but that no evidence could be found that EFF leader Julius Malema had received any of the VBS Bank missing funds.

[27] In July 2024 former chairperson Tshifhiwa Matodzi was sentenced to an effective 15 years in prison on multiple counts of fraud, racketeering, money laundering and theft.

Its claim is centred on the rights issue and a revolving credit facility it participated in at VBS relying on financial statements audited by KPMG and its former senior partner, Sipho Malaba.