Infamous VBS Bank Rivonia HQ to be auctioned this month

A powerful symbol of corruption, excess and betrayal of public trust is finally heading under the hammer. The liquidator of the defunct VBS Mutual Bank has confirmed that the bank’s former Rivonia headquarters will be auctioned later this month.

This marks a significant milestone in the long and painful process of recovering looted funds.

Located at 82 Wessels Road in Rivonia, the expansive office campus spans 22 826 square metres and will be sold by Auction Inc. The sale represents one of the most tangible outcomes yet in the six-year liquidation process. This process followed VBS’s dramatic collapse in 2018.

At its peak, VBS positioned itself as a proudly black-owned mutual bank focused on empowering communities.

That narrative unravelled spectacularly when a forensic investigation commissioned by the South African Reserve Bank exposed widespread fraud, theft and governance failures.

The investigation, led by advocate Terry Motau, concluded that the bank was “corrupt and rotten to the core”, with more than R2 billion siphoned off through unlawful schemes involving senior executives, politically connected individuals and public officials.

The fallout was devastating.

Several municipalities were left financially crippled after illegally depositing public funds with the bank. Meanwhile, pensioners, small investors and communities paid the price.

In November 2018, the High Court in Pretoria placed VBS under final liquidation. This decision triggered a complex and protracted effort to trace and recover stolen assets.

The Rivonia headquarters is one of the most prominent assets to emerge from that process.

Now vacant, the former VBS head office comprises an eight-block office park with a combined gross lettable area of approximately 13 123 square metres.

According to Auction Inc CEO Ari Ben, the property is among the most attractive commercial sites ever to come to auction in the Rivonia node.

He says its strategic positioning, with direct N1 highway exposure and easy access to Sandton and surrounding business districts, makes it highly desirable.

While the buildings are currently configured as B-grade offices, Ben notes that the real value lies in the site’s flexibility and redevelopment potential.

Zoned Business 4, the campus offers scope for multiple future uses.

These include conversion into residential apartments or sectional title developments, both of which are in high demand in Rivonia. There is also potential for redevelopment into A Grade corporate offices, a medical or professional campus, or multi-tenant workspaces.

Rivonia has evolved into one of Johannesburg’s premier mixed-use nodes north of Sandton. This area attracts financial services firms, legal practices and technology companies. Auction Inc estimates that once fully let, the property could generate a projected gross annual income of R15.74 million. This makes it appealing to both investors and developers.

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The auction also highlights the increasingly central role the auction industry plays in South Africa’s fight to recover assets lost to corruption. Auction Inc auctioneer and SA Institute of Auctioneers director Joff van Reenen says public auctions have become a critical mechanism for liquidators and state agencies.

He points to the growing involvement of bodies such as the Asset Forfeiture Unit and the Special Investigating Unit. These units use auctions to dispose of seized properties, vehicles, and equipment linked to corruption and state capture.

By March 2025, recovery amounts linked to these efforts had reached an estimated R11 billion.

Against that backdrop, the sale of the VBS Rivonia headquarters carries symbolic weight.

A building once associated with greed and systemic abuse is being converted into a liquid asset that may help compensate creditors and municipalities that suffered losses.

The property will go under the hammer on 24 February 2026 at 11am at an Auction Inc event in Houghton Estate, Johannesburg.

The Rivonia campus forms part of a broader catalogue of 20 properties on offer. These range from luxury homes to major commercial and industrial sites across the country.

Bidders can participate in person, via the Auction Inc app, or through pre-arranged telephonic bidding.