• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home South Africa

NPA welcomes bail amount granted to VBS suspects

19 June 2020, 6:50 AM  |
Prabashini  Moodley Prabashini  Moodley |  @SABCNews
Court

Several top VBS Mutual Bank insiders, including Board members and the chief KPMG auditor for the bank, were arrested on Wednesday.

Court

Image: SABC News

Several top VBS Mutual Bank insiders, including Board members and the chief KPMG auditor for the bank, were arrested on Wednesday.

The National Prosecuting Authority (NPA) has welcomed the bail amount granted to the accused in the VBS Mutual Bank case.

Seven of the eight suspects appeared at the Palm Ridge Regional Court in Ekhurhuleni on Thursday.

They were granted bail of R100 000 each.

On Wednesday, several top VBS Mutual Bank insiders, including Board members and the chief KPMG auditor for the bank, were arrested.

The arrests include former VBS and Vele Investments chairperson, Tshifhiwa Matodzi, the alleged kingpin of the theft of depositors’ funds from the bank.

The accused face 47 charges of fraud, racketeering, corruption, theft and money laundering which amounts to R2.3 billion.

The case resumes on October 8, 2020.

NPA spokesperson Sipho Ngwema says the state has a strong case.

“The NPA is very happy with the court’s decision to grant R100 000 bail, this is what the prosecutor wanted. This sends a good message in terms of this particular offense. There is a lot at stake in terms of the accused coming back and therefore that amount secures that they [will] come back. We are almost ready to start with the trial, as you know the indictment was served today (Thursday). We hope that on the 18th we will be able to deal with any preliminary issues that are raised,” explains Ngwema.

In the video below, the accused appear in court: 

Arrests welcomed

Meanwhile, the Public Investment Corporation (PIC) has welcomed the arrests.

The PIC was a significant shareholder in VBS when it was placed under curatorship by the Prudential Authority of the South African Reserve Bank (SARB).

It says the arrests are an important step in ensuring those who were responsible for the collapse of VBS are held accountable.

The National Director of Public Prosecutions Advocate Shamila Batohi has also welcomed the arrests.

One of the investors in the liquidated VBS Mutual Bank and former Board Chairperson, Madambi Muvhulawa, says investors and depositors are also pleased with the arrests. 

Muvhulawa says properties of those implicated in the looting must be sold for depositors to recoup their money. 

Ordinary depositors who invested over R300 000 each have not yet received their money back.

Senior Legal Journalist Karyn Maughan gives analysis of the arrest and its implications:

 

Share article
Tags: VBS Mutual BankNational Prosecuting AuthorityNPA
Previous Post

Government must put South Africans first: African Transformation Movement

Next Post

Churches must unite to fight gender-based violence: Anglican Bishop Rubin Phillip

Related Posts

Crime scene image

Body of Magistrate Mamello Thamea to be repatriated to SA from Lesotho

27 September 2023, 8:40 PM
A vendor's fruit and vegetable stall seen on a pavement.

Government’s inability to enforce by-laws blamed for decay of some cities

27 September 2023, 8:33 PM
The Main Building of the University of the Free State.

UFS Vice-Chancellor says alleged racist incident doesn’t define the institution

27 September 2023, 7:47 PM
SAS Manthatisi

Three SA submariners to be honoured by having buildings named after them

27 September 2023, 7:19 PM
AmaZulu King, Misuzulu kaZwelithini at his official coronation at the Moses Mabhida stadium in Durban, October 29, 2022.

Buthelezi’s family reaffirms its support for King Misuzulu kaZwelithini

27 September 2023, 6:19 PM
A chart on how to save water.

NGO raises awareness on water conservation in KZN schools

27 September 2023, 5:30 PM
Next Post
Bishop Rubin Phillip says the church as a whole has not done enough to deal with gender-based violence.

Churches must unite to fight gender-based violence: Anglican Bishop Rubin Phillip

Most Viewed

  • 24hrs
  • Week
  • Month
  • Concern over exclusion of foreign nationals from Road Accident Fund
  • Cashless taxi service launched in Cape Town
  • Visitors planning to visit the Overberg region urged to postpone their trips
  • ANC building up in flames in Port St Johns
  • Western Cape on high alert following severe storm warning
  • High waves and rough water conditions force beach closures in the Western Cape
  • Prince Mangosuthu Buthelezi to rest in the town he built and nurtured
  • NSPCA files criminal case against Julius Malema for alleged animal cruelty
  • Snow, heavy rainfall expected in parts of KZN: SAWS
  • Cold-front sweeps across SA bringing snow and chilly temperatures
  • Anti-apartheid activist Aziz Pahad passes on
  • KZN coastal areas on high alert as level 4 inclement weather warning issued
  • Technology making a significant impact in rhino poaching reduction
  • Many Western Cape roads remain inaccessible
  • BRICS Parliamentary Forum aims to foster stronger ties among member states

LATEST

  • Politics

ANC stalwart Aziz Pahad remembered for contributions to Middle East policy


People gather at the site following a fatal fire at a wedding celebration, in the district of Hamdaniya in Iraq's Nineveh province, Iraq, September 27, 2023.
  • World

Iraq wedding fire kills more than 100


[FILE IMAGE] Cars are overturned at Johannesburg CBD due to an explosion.
  • Business

Local govt’s inability to enforce by-laws blamed for decay of SA cities


File Image: SAPS vehicles and a police tape.
  • Politics

7 000 SAPS members criminally charged for violent crimes: Cele


Handre Pollard kicking
  • Sport

Pollard back as Boks rotate team for Tonga clash


The late Aziz Pahad gesturing during an event
  • Politics

Aziz Pahad: A Life of Activism and Diplomacy


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous Government must put South Africans first: African Transformation Movement
Next Churches must unite to fight gender-based violence: Anglican Bishop Rubin Phillip