Three nabbed for R148m VBS Bank corruption
The Hawks on Tuesday arrested three suspects for corruption and money linked to the VBS Bank scandal.
The suspects, aged 33, 42 and 64, were arrested in an early morning raid in Limpopo.
The 64-year-old suspect is the former acting municipal manager at Greater Giyani Municipality, while the 42-year-old suspect is the Chief Financial Officer at the same municipality.
Hawks spokesperson Katlego Mogale says the two suspects invested a total of R148 million at the now-defunct mutual bank in 2017.
"The third suspect aged 33 years old, a businessman was arrested in Muhuya village, Thohoyandou on allegations of money laundering.
"Large amounts were paid to VBS affiliated companies as so-called ‘commissions’. Some of this money was laundered through several bank accounts, including that of the third suspect.
"From the suspect’s company, a total amount of R87 600 was paid to the first suspect over a period of time as gratification, which was a great loss to the Giyani Municipality."
The suspects are expected to appear in the Giyani Magistrate’s Court on Wednesday.
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