Another suspect nabbed for VBS corruption
The Hawks on Tuesday arrested a 59-year-old suspect in Klerksdorp in connection with the looting and ultimate collapse of VBS Mutual Bank.
The suspect is suspected to have looted the now defunct VBS through the illegal investment of funds from of the Mahikeng local municipality
Hawks spokesperson Katlego Mogale says the suspect invested more than R90 million in taxpayers’ money.
“ The suspect is alleged to have received gratification in the form of credit facilities for the purchases of two high-powered vehicles and a property in Klerksdorp amounting to over R1.7 million between 2017 and 2018.
“Mahikeng is one of the 20 municipalities that had invested municipal funds into VBS. Of the R92 million, only R7 million was paid back to the Mahikeng municipality and R85 million was never paid back.”
The suspect is expected to appear in the Mahikeng Regional Court on Wednesday.
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