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#VBS robbery: First arrests
8 men have been arrested early on Wednesday morning in connection with the theft of R2,7-billion at VBS Mutual Bank in around 2015 to 2018.
8 men have been arrested early on Wednesday morning in connection with the theft of R2,7-billion at VBS Mutual Bank in around 2015 to 2018.
#VBS
NPA issued a racketeering certificate in which the group is accused of being instrumental in fleecing the bank's resources & its ultimate implosion. Will be prosecuted for a range of allegation, including racketeering, corruption, money laundering, fraud.
NPA issued a racketeering certificate in which the group is accused of being instrumental in fleecing the bank's resources & its ultimate implosion. Will be prosecuted for a range of allegation, including racketeering, corruption, money laundering, fraud.
4 bankers, 2 officials from PIC, a KPMG auditor & a ltgenl in SAPS have been arrested in connection with their instrumental role in the theft of over R2,7-billion from #VBS Mutual Bank, a bank mainly catering for the poor. This group includes 4 chartered accountants & an attorney
They are:
1. Tshifhiwa Matodzi, chairman of VBS & Vele Investments (a company which obtained the majority shareholding in VBS through an alleged scam);
2. VBS treasurer Phophi Mukhodobwane;
3. VBS CFO Philip Truter;
1. Tshifhiwa Matodzi, chairman of VBS & Vele Investments (a company which obtained the majority shareholding in VBS through an alleged scam);
2. VBS treasurer Phophi Mukhodobwane;
3. VBS CFO Philip Truter;
4. Non-executive directors of #VBS & nominees of the PIC Ernest Nesane
5. and Paul Magula;
6. KPMG auditor Sipho Malaba;
7. CEO and executive director of VBS Andile Ramavhunga;
8. VBS non-executive director and chair of the bank's audit committee lt.genl. Avhsahoni Ramikosi.
5. and Paul Magula;
6. KPMG auditor Sipho Malaba;
7. CEO and executive director of VBS Andile Ramavhunga;
8. VBS non-executive director and chair of the bank's audit committee lt.genl. Avhsahoni Ramikosi.
#VBS arrests:
This marks 1st arrests in VBS scandal after adv.Terry Motau &law firm Werksmans at behest of SARB investigated what looked like a “liquidity issue” in 2018. They found that these 8 stole the bank into insolvency, while also distributing money to politicians & fixers
This marks 1st arrests in VBS scandal after adv.Terry Motau &law firm Werksmans at behest of SARB investigated what looked like a “liquidity issue” in 2018. They found that these 8 stole the bank into insolvency, while also distributing money to politicians & fixers
This is the first salvo in a wave of #VBS related arrests that will move to municipalities, politicians on national level and fixers in private business in order to round up the entire racketeering enterprise.
#VBS arrests:
Racketeering is a complex crime - essentially refers to the group activity of running & hiding a criminal enterprise while deriving benefit from it. They are arrested under the Prevention of Organised Crime Act (Poca) of 1998.
Racketeering is a complex crime - essentially refers to the group activity of running & hiding a criminal enterprise while deriving benefit from it. They are arrested under the Prevention of Organised Crime Act (Poca) of 1998.
#VBS arrests:
The crime of racketeering under Poca carry the penalty of a fine not exceeding R100-million and/or imprisonment for up to life in prison. It can mean a 15yr minimum and 30yr maximum sentence.
The crime of racketeering under Poca carry the penalty of a fine not exceeding R100-million and/or imprisonment for up to life in prison. It can mean a 15yr minimum and 30yr maximum sentence.
