VBS looting suspects to appear in court on Friday
Five suspects are expected to appear in court on Friday in connection with the collapse of VBS Mutual Bank.
The suspects were nabbed in early dawn raids around Gauteng and Limpopo on Thursday.
The Limpopo-based bank collapsed amid allegations that its executives looted almost R2 billion which it was meant to be holding on behalf of the elderly, municipalities and stokvels.
It has been more than two years since the release of the report into the demise of the bank.
The suspects are facing charges of theft, fraud, corruption, money laundering and racketeering.
They include a managing director of VBS responsible for retail, a former COO of VBS and CEO of Vele Investments and an office bearer of a political party in Limpopo.
Another suspect is an employee of the Collins Chabane municipality in Limpopo.
“The suspect is arrested on a separate case which is related to the investments of municipality funds into the VBS,” the Hawks said in a statement on Thursday.
“The suspect is alleged to have contravened the Municipal Finance Management Act, corruption and money laundering. Three more suspects will be handing themselves over for arrest during the course of the day (Thursday).”
The suspects will appear in the Specialised Commercial Crimes Court in Palm Ridge Magistrate’s Court.
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