VBS 7 expected back in court on 8 October after posting bail

Magistrate Brian Nemavhidi ordered the Midrand police to detain the men, who are accused of taking more than R122 million from the VBS bank, until they paid up.

Seven suspects arrested in connection with the multibillion rand VBS heist appeared in the Palm Ridge Regional Court on 18 June 2020. They are: (top row, from left to right) Tshifhiwa Matodzi,  Andile Ramavhunga, Phophi Mukhodobwane, (bottom row from left to right) Sipho Malaba, Avhashoni Ramikosi, Ernest Nesane and Paul Magula. Picture: Kayleen Morgan/EWN.

JOHANNESBURG –The seven accused in the VBS bank matter will now appear in court on 8 October after managing to pay their bail of R100,000 each.

Earlier, only two of the seven had paid by the 4 pm Thursday deadline set by the Palm Ridge Magistrates Court.

Magistrate Brian Nemavhidi ordered the Midrand police to detain them until they paid.

They are accused of taking more than R122 million from the bank – which eventually collapsed.

Former chairperson of VBS Tshifhiwa Matodzi, former treasurer Phophi Mukhondobwane, former KPMG partner Sipho Malaba and former PIC executives Ernest Nasane and Paul Magula said they were too cash-strapped to afford the R100,000 bail.

The VBS seven accused pleaded with the Palm Ridge Regional Court to reduce the bail amount to R50,000 while others said R10,000.

But the remaining five have all paid up.

WATCH: VBS bank heist suspects 'can't claim poverty' in bail application - Judge

Accused number three former chief finance officer Phillip Truter, who is in COVID-19 quarantine, is yet to be formally charged.

The bank collapsed in 2018 after an estimated R2,7 billion was siphoned off.

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