VBS Mutual Bank case postponed as suspect seeks legal representation

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The case of three suspects charged with money laundering in connection with the VBS Mutual Bank looting and corruption has been postponed by the Specialised Commercial Crimes Court in Polokwane, Limpopo.

The case was postponed to July 2, for accused number three to obtain legal representation.

Former acting Chief Financial Officer (CFO) Risimati Maluleke and the current CFO, Nditsheni Mashau allegedly invested more than 148 million from Giyani municipality in the now-defunct bank.

The third accused Zwivhuya Tshishonga allegedly received R121 000 which was deposited into his business account.

Limpopo National Prosecuting Authority (NPA) spokesperson Mashudu Malabi-Dzhangi says Tshishonga allegedly later paid 62 000 to Maluleke.

“The three people of Greater Giyani municipality have appeared in connection with corruption and money laundering and contravening the municipal financial management act. The money which had been invested in the old VBS Mutual bank was more than 150 million,” she says.