×

We've got news for you.

Register on SowetanLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

VBS scandal: Three more arrests in Pretoria raids

VBS Mutual Bank customers in Thohoyandou, Limpopo. File photo.
VBS Mutual Bank customers in Thohoyandou, Limpopo. File photo.
Image: Antonio Muchave

Two government officials and a businessperson were arrested when the Hawks swooped on their Pretoria homes on Tuesday morning in connection with the VBS Mutual Bank looting scandal.

They are a 57-year-old former municipal manager and 39-year-old former CFO of a Limpopo municipality, as well as a 41-year-old owner of a private business, said Brig Nomthandazo Mbambo.

The investigation revealed that the municipality invested R230m, “which was paid in five tranches from November 15 2016 to February 19 2018.

“The whole amount invested was never paid back to the municipality.”

The three will appear in the Pretoria specialised commercial crimes court on Wednesday on charges under the Municipal Finance Management Act, and for corruption and money laundering.

The bank was placed under curatorship in March 2018 after a severe liquidity crisis.

Fourteen other people accused of looting VBS are due to return to the high court in Pretoria in January. They are charged with racketeering, corruption, fraud, theft and money laundering.

In October last year, former VBS CFO Phillip Truter pleaded guilty to charges of fraud, corruption, money laundering and racketeering. He was sentenced to 10 years’ imprisonment, with three years suspended.

TimesLIVE

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.