Seven new suspects granted bail in VBS Bank looting scandal
The Palm Ridge Magistrate’s Court has granted bail to seven people who were arrested in connection with the alleged looting of the VBS Mutual Bank.
ANC Limpopo provincial treasurer, Danny Msiza, is one of the seven people granted bail of between R50 000 and R100 000 in the Palm Ridge Magistrate’s Court on Friday.
Msiza and his co-accused face a raft of charges.
The seven accused will return to court on March 26 with the seven other people who were arrested last year.
This will add to 14 people who are charged with corruption over VBS. The bank collapsed after advocate Terry Motau tabled a report that showed alleged looting of the bank. Some of the politicians or people with links to politicians were implicated in the report.
The law enforcement agencies swooped on former executives of VBS last July.
This week, Msiza and six others were arrested by the Hawks.
Former ANC Youth League provincial leader Kabelo Matsepe, ex-VBS Chief Operating Officer and former Vele Investments CEO Robert Madzonga, ex-VBS managing director for retail Solomon Maposa, Rallion Razwinane, Tshianeo Madedzhe and Takenda Macheke appeared in court on Friday and were released on bail.
Former chairperson of the board Tshifiwa Matodzi, former VBS CEO Andile Ramavhunga, former head of treasury and capital investment Phophi Mukhobodwane and managing director for retail Solomon Maposa had been listed in the indictment on several charges against them.
In the indictment the State has alleged that Msiza, Matsepe and two other people solicited bribes for municipalities to deposit their money into VBS. All the accused participated in the enterprise through a pattern of racketeering activities as set out in the preamble of this indictment.
“Accused 1 (Matodzi), Accused 2 (Ramavhunga), Accused 3 (Mukhobodwane), Accused 4 (Maposa) and Accused 9 (Robert Madzonga) managed the affairs of the enterprise,” reads the indictment.
In other news – Jackie Phamotse offers to pay towards Wits shooting victim Mthokozisi Ntumba’s funeral
Jackie Phamotse has offered to pay towards the funeral expenses of Mthokozisi Ntumba, a Masters graduate, father and husband, who was shot and killed by the South African Police Services on Wednesday.
Ntumba was a bystander, who was caught in the crossfire when the police were allegedly trying to disperse students during a protest at Wits University in Braamfontein. Learn more
Source: IOL
