Three municipal officials connected to VBS bank looting granted bail

They were arrested by the Hawks on Monday after being linked to financial deposits to the controversial bank made by municipalities on the West Rand amounting to around R400 million.

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

JOHANNESBURG - Three West Rand senior officials arrested in connection with the ongoing investigation into the looting of the VBS Mutual Bank have been granted bail of R50,000 each.

The trio appeared in the Pretoria Specialised Commercial Crimes court earlier on Tuesday facing charges of corruption and contravening the Municipal Finance Management Act.

They were arrested by the Hawks on Monday after being linked to financial deposits to the controversial bank made by municipalities on the West Rand amounting to around R400 million.

The State said it hoped that a trial date would be agreed upon when the trio returned to court in October.

"And the matter has been postponed to 22 October for pretrial management issues.

"Also, there was an appearance of a former CFO of Merafong municipality, charges against him were withdrawn as he is going to now testify" said the NPA's Sipho Ngwema.

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