Several top VBS Mutual Bank insiders, including board members and the chief KPMG auditor for the bank, have been arrested.
The arrests include former VBS and Vele Investments chairperson Tshifhiwa Matodzi, the alleged kingpin of the theft of depositors’ funds from the bank.
In the video below, Hawks make a breakthrough in the VBS Mutual Bank looting scandal:
The arrests come nearly two years after a R2 billion theft of VBS Mutual Bank funds.
Of the R2 billion that was taken from the bank, Vele received R936 million, which was used to buy several other companies.
Pensioners’ and stokvel accounts held at VBS were also affected.
The Hawks are expected to give more details on the arrests in their media briefing on Wednesday afternoon.
Click below to watch the Hawks live stream:
Meanwhile, last week, Investors of the defunct VBS Mutual Bank welcomed the decision of the Supreme Court of Appeal (SCA) to dismiss an application for leave to appeal the sequestration of the estate belonging to former bank executives.
In a statement, the office of curator Anoosh Rooplal, announced that the estate of Robert Madzonga can now be wound-up.
The estates of Matodzi, Phophi Mukhodobwane and Philip Trutter have also been sequestrated.
Investor, Wilson Muvhulanga, says this should serve as a warning to other unknown looters.
“What the law is now doing, it is not the end but that is the beginning because out of this few that they discovered that were responsible of that there are also links with other people that we don’t know and we would also like them to come out, even the monies, where the money has ended to and we want it to be investigated so that it can be trailed up to the last point, where the money has gone to.”
In the video below, VBS Bank victims express their concerns:
VBS was looted by politically connected people – leaving many poor depositors destitute.
The Reserve Bank has linked about 50 people and companies that have losses of about R2 billion at VBS.
The Makhado municipality and the Vhembe district municipality illegally deposited more than R50 and R300 million into the bank respectively.
The money went missing which led to the collapse of the bank.
In the video below, the VBS forensic report is released by Limpopo Premier Stan Mathabatha:
Below is a full statement on the VBS probe:
MEDIA STATEMENT VBS Mutual Bank (Text)
