VBS Mutual Bank case postponed to March to add more accused

26 January 2021 - 14:27
Seven suspects arrested in connection with the multibillion-rand plundering of VBS appeared in the Palm Ridge Regional Court on October 8 2020. They appeared again on Tuesday and their case was postponed until March 26.
Seven suspects arrested in connection with the multibillion-rand plundering of VBS appeared in the Palm Ridge Regional Court on October 8 2020. They appeared again on Tuesday and their case was postponed until March 26.
Image: ALON SKUY

The case against seven people arrested in connection with the plundering of VBS Mutual Bank was postponed on Tuesday until March 26.

The prosecution asked the specialised commercial crimes court to give it time to add three further accused and more charges.

It said it had not yet obtained a certificate from the National Director of Public Prosecutions (NDPP) Shamila Batohi for more charges to be added.

In October last year, one of the accused, former VBS Bank CFO Philip Truter, reached a plea and sentence agreement with the state which saw him sentenced to an effective seven-year jail term after pleading guilty to six counts, including corruption and fraud.

The 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.

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