VBS ‘mastermind’ Tshifiwa Matodzi handed hefty sentence
Former VBS Mutual Bank chairperson Tshifiwa Matodzi has been sentenced to 495 years in prison for his role in the institution’s collapse.
Matodzi was arrested in 2020 amid an investigation into the looting of R2 billion at the now-defunct bank.
The 47-year-old pleaded guilty to 33 counts of corruption, theft, fraud, money laundering, and racketeering after entering into a plea agreement with the State.
The court ordered the sentences to run concurrently, a move which will see him spending 15 years in jail.
National Hawks spokesperson Katlego Mogale says he was also declared unfit to possess a firearm.
"This outcome underscores the commitment of the DPCI and the justice system to holding individuals accountable for their actions, particularly those that significantly harm the financial sector and public trust,” said Hawks national spokesperson Katlego Mogale.
"The DPCI remains steadfast in its pursuit of justice and ensuring that such offences do not go unpunished.”
In 2018, the South African Reserve Bank released a report on the bank’s collapse, detailing how 53 individuals looted more than R2 billion from the bank between 1 March 2015 and 17 June 2018.
Some of the accused include municipal officials and service providers.
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