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VBS Bank case: more charges, more accused to be added


VBS Bank case: more charges, more accused to be added

VBS Bank case: more charges, more accused to be addedCourt has postponed the case against seven people arrested in connection with money laundering and other related activities in VBS Mutual Bank.

The case was postponed on Thursday to January 26 next year.

Their former co-accused, ex-VBS Bank CFO Philip Truter pleaded guilty to the six counts charges including corruption and fraud on Wednesday.

The court sentenced him to an effective seven-year jail term.

Prosecutor Hein van der Merwe explained to the court that the case had to be postponed to amend the indictment, add additional charges and more accused before the set date.

Magistrate Jeremy Janse van Vuuren granted the postponement.

The seven accused were given the indictment during their first appearance in June.

The indictment states that the men are facing, including money laundering, theft, fraud and corruption charges.

The seven remaining accused are:

  • former VBS Mutual Bank and Vele Investments chair Tshifhiwa Calvin Matodzi;
  • former VBS Mutual Bank CEO Andile Ramavhunga;
  • former VBS treasurer Phophi Mukhodobwane;
  • former KPMG partner Sipho Malaba;
  • former police officer Avashoni Ramikosi; and
  • former Public Investment Corporation executives Ernest Nesane and Paul Magula.

In that indictment, Matodzi is accused of bribing all his co-accused and offering gratification in order to influence them “to act in a manner that amounts to the illegal, dishonest, unauthorised, incomplete, or biased exercise, carrying out or performance of any powers, duties or functions arising out of a statutory, contractual or any other legal obligation”.

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