Vbs mutual bank
Case against 7 suspects in VBS collapse postponed to January
The accused made a brief appearance in the Palm Ridge Magistrates Court on Thursday.
They were released on R100,000 bail each when they first appeared three months ago.
Phillip Truter has been sentenced to 10 years in prison with three years suspended after he pleaded guilty to fraud, money launder and racketeering.
Phillip Truter was arrested in June along with seven other accused, who are implicated in advocate Terry Motau's Great Bank Heist report that showed almost R2 billion was stolen from the bank.
On Tuesday, Motau and Sarb were dealt a blow when the Pretoria High Court reviewed and set aside parts of the report.
The High Court on Tuesday found that Advocate Terry Motau failed procedurally when he did not afford former ANC Limpopo treasurer Daniel Msiza an opportunity to tell his side of the story before releasing the report.
Msiza said he was happy the court sided with him in finding that Advocate Terry Motau had violated his rights with regards to his report on the collapse of VBS Mutual Bank.
Former ANC Limpopo treasurer Daniel Msiza took the Advocate Terry Motau's VBS Mutual Bank report on review after being accused of being the kingpin in the VBS bank scandal.
The court has declared that the findings made by Motau against Msiza were prejudicial and unconstitutional.
ANC Gauteng secretary-general Jacob Khawe made the announcement on Sunday.
The SA Reserve Bank (Sarb) said that Friday's meeting discussed and agreed that there was a need for regular feedback to VBS Mutual Bank depositors and other affected parties about the liquidation process.
The Bank said it received several letters from people interested in reviving the scandal-hit VBS Mutual Bank.
An estimated R2.7 billion went missing from VBS Bank through grand-scale looting that led to its collapse.
The pair are implicated in the VBS Mutual Bank scandal, but the NEC said they haven’t been charged in two years and should be presumed innocent until found guilty by a court of law.
The MKMVA said that a statement by its members in Limpopo, who condemned the African National Congress’s (ANC) decision to reinstate Florence Radzilani and Danny Msiza, did not reflect its official stance.
Philip Truter was granted R50,000 bail in the Palm Ridge Commercial Crimes Court earlier on Monday, after saying he was unemployed and could not get a job.
Truter allegedly failed in his primary duty to manage financial risk for VBS and his fiduciary duty to report all irregularities.
The eighth suspect could not be arrested a few weeks ago as he was in COVID-19 quarantine.
Samwu said that the African National Congress’ Nasrec resolution that said officials implicated in corruption must step aside.