Eight accused of looting VBS Mutual Bank ‘to appear in court on Thursday’

VBS Mutual Bank in Thohoyandou, Limpopo, was plundered of R2bn. A report says a former senior police officer and representatives of the Public Investment Corporation are among those arrested.
VBS Mutual Bank in Thohoyandou, Limpopo, was plundered of R2bn. A report says a former senior police officer and representatives of the Public Investment Corporation are among those arrested.
Image: SOWETAN/ ANTONIO MUCHAVE

Several senior officials linked to the R2bn looting of VBS Mutual Bank were arrested in a raid on Wednesday morning, Amabhungane reported.

Eight people linked to the looting and collapse of VBS Mutual Bank were nabbed during a search and seizure operation by the Hawks and the National Prosecuting Authority.

The report said a former senior police officer and representatives of the Public Investment Corporation were also among those arrested. Those arrested are expected to appear in the Palm Ridge magistrate’s court in Ekurhuleni on Thursday morning. Charges could include bribery, racketeering, fraud and money laundering.

In a report titled “The Great Bank Heist” released in October 2018, advocate Terry Motau set out his investigation into the grand corruption and theft at VBS, and recommended a series of criminal charges against several senior bank officials.

National Head of the Directorate for Priority Crime Investigation Lt-Gen Godfrey Lebeya (SOEG) and the national director of public prosecutions advocate Shamila Batohi are scheduled to brief the media on the progress of high profile priority cases on Wednesday afternoon.


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