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Eighth VBS Mutual Bank heist suspect due in court today

The eighth suspect could not be arrested a few weeks ago as he was in COVID-19 quarantine.

VBS Mutual Bank in Thohoyandou. Picture: Sethembiso Zulu/EWN

JOHANNESBURG - The eighth suspect linked to the VBS Mutual Bank heist is expected to appear at the Palm Ridge Commercial Crimes Court on Monday.

He was arrested on Friday by the serious corruption investigation team.

The eighth suspect could not be arrested a few weeks ago as he was in COVID-19 quarantine.

A ninth suspect has also appeared in court in connection with money being invested at VBS Mutual Bank in violation of municipal laws.

An estimated R2.7 billion went missing from VBS.

The Hawks Katlego Mogale: "The eighth suspect, who was identified but unable to be arrested as he was recovering from an ailment, was arrested on Friday."

Seven other executives have already appeared in court and were granted bail of R100,000 each.

The suspects were implicated by a report by Advocate Terry Motau, which showed that R2.7 billion went missing from the bank which collapsed.

A number of municipalities and pensioners had invested at the bank.

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