Hawks swoop on former Collins Chabane CFO for VBS investment
The Hawks have arrested the former CFO of Collins Chabane Municipality in Limpopo in connection with his alleged involvement in the VBS Mutual Bank scandal.
The former CFO, who has not been named by the Hawks, is accused of unlawfully and irregularly investing municipal money with the now defunct mutual bank.
The Hawks say the municipality invested R120 million at VBS in October 2017, in contravention of the Municipal Finance Management Act.
Spokesperson Thandi Mbambo says the suspect will appear in the Palm Ridge Specialised Commercial Crimes Court on Friday.
Meanwhile, the area’s former municipal manager Charlotte Ngobeni has been released on R50 000 bail in the same matter.
To date a total of 27 suspects have been arrested in connection with the collapse of VBS.
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