GALLERY: Here are the 7 suspects nabbed for VBS heist
Here are the men who appeared in the Palm Ridge Regional Court on 18 June and the amounts they are said to have pocketed in the multibillion-rand VBS heist.
JOHANNESBURG - Seven men arrested in early morning raids in Gauteng and Limpopo appeared in court on Thursday for the multi-billion-rand heist of VBS Mutual Bank.
The suspects face charges of money laundering, fraud, theft and racketeering. An eighth suspect is currently under COVID-19 quarantine.
In 2018 the Reserve Bank released Advocate Terry Motau's report, which implicated 53 people and companies in fraud and corruption worth nearly R2 billion.
Below are the seven suspects who appeared in the Palm Ridge Regional Court on 18 June and the amounts they are said to have received according to Motau's report:
Accused number one and the alleged kingpin of the heist is former chairperson of VBS and Vele Investments, Tshifhiwa Matodzi.
He is believed to have individually pocketed the largest amount from VBS - a staggering R325 million.
Former VBS CEO Andile Ramavhunga is accused number two and is alleged to have received R28,925,934.
Former KPMG partner Sipho Malaba is said to have pocketed R33,978,379.
VBS non-executive director and former SAPS chief financial officer Avhashoni Ramikosi is alleged to have received R5,972,288.
Former VBS general head of treasury and capital management Phophi Mukhodobwane reportedly made R30,572,296 off the heist.
Former PIC head of legal Ernest Nesane is said to have benefited to the tune of R16,646,086.
Former non-executive director of VBS and PIC head of risk and compliance Paul Magula is alleged to have made R14,818,098 from the heist.
On Thursday the accused were granted bail of R100,000 each.