Thabo Mokwena granted R50k bail in VBS scandal
A 59-year-old man was granted R50 000 bail by the Mahikeng Regional court following his arrest on Tuesday in connection with the looting and ultimate collapse of VBS Mutual Bank.
Thabo Mokwena appeared in court on Wednesday.
Mokwena is alleged to have taken part in the underhanded investment of the Mahikeng Local Municipality funds into the mutual bank.
Hawks spokesperson Katlego Mogale says Mokwena invested more than R90 million in taxpayers’ money.
“The 59 years old Investigation revealed that R92 million of the taxpayers was invested into VBS in contravention of the Municipal Finance Management Act.
“Mokwena is said to have received gratification in form of credit facilities for purchases of two high powered vehicles and a property in Klerksdorp amounting to over R1.7 million between 2017 and 2018,” Mogale adds.
The case was postponed to 16 November.
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 municipality.
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