14 accused in VBS Bank heist told to consult lawyers before next appearance

The state says suspects looted nearly R2.3 billion from VBS coffers and doctored financial statements to cover up insolvency.

ANC treasurer in Limpopo Danny Msiza, businessman and former ANC Youth League member Kabelo Matsepe and five others appeared in the Palm Ridge Magistrates Court on 12 March 2021 for their alleged role in the looting of VBS funds. Picture: Boikhutso Ntsoko/Eyewitness News.

JOHANNESBURG - The 14 people accused in the VBS Mutual bank heist were told on Monday to consult their lawyers on any outstanding issues they had before they appeared in court again on 12 October.

They include ANC Limpopo treasurer Danny Msiza and Collins Chabane municipal manager Tsakani Ngobeni.

The state alleged they looted nearly R2.3 billion from VBS coffers and doctored the financial statements to cover up the fact that it was insolvent, leaving thousands of depositors and investors destitute.

The matter was rolled over to 12 October and the accused's' bail was extended until they return to the dock.

The suspects faced more than 100 charges of theft, money laundering, corruption and racketeering.

In 2018, bank was placed under curatorship by the reserve bank and a forensic investigation was instituted to establish exactly what went wrong.

An investigation by advocate Terry Motau exposed criminality in the conduct of the affairs of VBS and recommended criminal changes.

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