SOWETAN SAYS | VBS looters must face music

The large-scale looting of the VBS Mutual Bank in a seemingly coordinated manner by its executives, politicians, royals and other individuals is one of the worst financial crimes we have seen in this country. 

Former VBS chairman Tshifhiwa Matodzi pleaded guilty to a series of crimes that collapsed the bank in 2018, including fraud, corruption, money laundering and racketeering. He has been sentenced to 15 years in prison. 

At the height of the grand theft, Matodzi was living large, splurging on properties, luxury cars and helicopters. 

His affidavit under oath details dates and meetings he allegedly had with politicians – including the EFF’s Julius Malema and Floyd Shivambu, the ANC’s Danny Msiza and Zweli Mkhize, the SACP’s Jacob Mamabolo and then Treasury DG Dondo Mogajane – who he said he paid various amounts. 

Mogajane has denied that he received money from Matodzi. 

Some of the payments listed by Matodzi to co-conspirators were under the guise of donations while others, he said, were bogus business transactions that were part of the scheme to ultimately buy political influence to gain municipal investments and protection from scrutiny of VBS activities. 

Some of what Matodzi says is not new. 

The forensic report on VBS and investigative journalists have long pointed a finger at some of the players mentioned. 

While several people are on trial, presumably because the National Prosecuting Authority has verifiable evidence against them, it is unclear why many others, including Shivambu and Malema, are not. 

The duo have denied benefiting from VBS. 

Their version is that money received by Shivambu’s younger brother Brian from Matodzi’s firm Vele Investments and from which they ultimately benefited, was in lieu of consultancy work Brian had done for Vele.

This is despite there being no evidence that such a business arrangement existed. 

The weight of Matodzi's evidence will be scrutinised in the coming days. 

But the fact that he speaks as an insider and has provided a paper trail of some of the transactions will, hopefully, help speed up the investigation against others who have so far gotten away with it. 

The collapse of VBS was not a victimless crime. 

The most vulnerable people in our society were, directly and indirectly, violated by a group of greedy, powerful men. 

Every single one of them must face the music.