NPA: Strong case against alleged VBS looters
The National Prosecuting Authority (NPA) says it has a strong case against the 8 suspects who appeared on court on Thursday in connection with the looting of VBS Mutual Bank.
Seven of the suspects, including the bank's former board chairperson Tshifiwa Matodzi,, were granted R100 000 bail each by the Specialised Commercial Crimes Court sitting in Palm Ridge.
Affidavits read out in court in the applications for bail, confirmed that the accused they would plead not guilty to 47 counts of fraud, money laundering, and racketeering.
They all claim that allegations against them are unfounded and some saying the state's case against them is weak.
But the NPA's Sipho Ngwenya said there is solid evidence against them.
"It is nothing surprising, the state is ready, we can even start tomorrow if possible. But we have to take into account new evidence we have found and that will assist the other legs of this case."
He admitted that this is the beginning of a long journey in terms of the investigation
The trial is set to begin on October 8