Maki Molapo10 July 2024 | 16:52

Ex-VBS Bank board chair Matodzi hit with jail time after plea agreement

Tshifiwa Matodzi was sentenced in the Pretoria High Court on Wednesday and accepted the charges as part of a plea and sentence agreement with the State.

Ex-VBS Bank board chair Matodzi hit with jail time after plea agreement

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

JOHANNESBURG - Former VBS Bank board chair Tshifiwa Matodzi has pleaded guilty to 33 counts of corruption, theft, fraud, money laundering and a pattern of racketeering activities that culminated in the downfall of the now-defunct bank.

He was sentenced in the Pretoria High Court on Wednesday and accepted the charges as part of a plea and sentence agreement with the State.

Matodzi was the alleged kingpin behind the close to R2 billion VBS money heist during his tenure at the helm of the bank’s board and its shareholder value investments.

Dubbed as 'The Great Bank Heist', the scandal relates to the looting of the bank’s funds, leading to its eventual collapse in 2018, which had a devastating ripple effect on several municipalities and individuals who lost their savings.

Matodzi is set to serve an effective 15-year imprisonment.

"Matodzi was sentenced to 15 years on each count. Although the combined sentences amount to 495 years, the court has ordered that the sentences for counts 2 to 33 run concurrently with count 1. Consequently, Mr Matodzi will spend effectively 15 years imprisonment," said Hawks spokesperson Katlego Mogale.