Three charged for alleged R148m VBS Mutual Bank corruption

Three suspects are expected to appear in court in connection with R148m corruption at VBS Mutual Bank. File photo.
Three suspects are expected to appear in court in connection with R148m corruption at VBS Mutual Bank. File photo.
Image: ANTONIO MUCHAVE/SOWETAN

Three suspects arrested in connection with VBS Bank corruption involving R148m are expected to appear in the Giyani magistrate’s court on Wednesday to apply for bail. 

The three, aged 33, 42 and 64, were arrested in a Tuesday morning raid by the serious corruption investigation unit of the Hawks. 

“The 64-year-old suspect who was previously the CFO and acting municipal manager of the Greater Giyani local municipality was arrested in Lulekani. He was arrested on charges of contravention of the Municipal Finance Management Act (MFMA), corruption and money laundering,” Hawks spokesperson Col Katlego Mogale said. 

Mogale said the 42-year-old suspect, also employed by the municipality, is charged with flouting the MFMA.

The third suspect, a businessman, was arrested in Thohoyandou and will be charged with money laundering. 

“During 2017, two of the suspects invested R148m into VBS Mutual Bank. Large amounts were paid to VBS affiliated companies as so called ‘commissions’. Some of this money was laundered through several bank accounts including that of the third suspect,” Mogale said. 

TimesLIVE 


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