VBS case to return to court in August for application to separate accused's trials
They’re accused of looting a total of nearly R2.3 billion from the bank’s coffers and doctored its 2017 financial statements to cover up the fact that it was insolvent.
FILE: VBS Mutual Bank in Thohoyandou. Picture: Sethembiso Zulu/EWN
JOHANNESBURG - The VBS case will return to court in August for an application to separate the accused's trials.
They’re accused of looting a total of nearly R2.3 billion from the bank’s coffers and doctoring its 2017 financial statements to cover up the fact that it was insolvent.
In 2018, the South African Reserve Bank (SARB) placed VBS under curatorship and a forensic investigation was instituted to establish exactly what had gone wrong.
Advocate Terry Motau's 148-page report blew the lid on "a wide range of criminality in the conduct of the affairs of VBS" and recommended criminal charges be investigated.
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The case came before the High Court in Pretoria on Monday.
The National Prosecuting Authority (NPA) said the case had now been postponed until 14 August.
This for an application from two of the accused, former Limpopo ANC treasurer Danny Msiza and alleged "fixer" and former Youth League leader, Kabelo Matsepe, for a separation of trial.
In the meantime, earlier this month, erstwhile VBS CEO, Tshifiwa Matodzi, entered into a deal with the prosecuting authorities, pleading guilty to a string of crimes in connection with VBS’ collapse and receiving an effective 15 years behind bars in return.
And in an explosive affidavit he deposed, which was subsequently leaked, he has now implicated a number of high-profile politicians in dodgy dealings, including EFF leader Julius Malema and his deputy, Floyd Shivambu, whom AfriForum last week then laid a criminal complaint against.
In October 2020, the bank’s former CFO, Philip Truter, also pleaded guilty to racketeering, money laundering, tax evasion, fraud and corruption and received an effective seven years behind bars in return. He was released on parole in April this year.