A 15-year jail term has been meted out to Tshifhiwa Matodzi, former chairperson of the defunct VBS Mutual Bank board, after he pleaded guilty to charges relating to his role in the downfall of the bank.
Matodzi pleaded guilty in the Pretoria high court to 33 counts including corruption, theft, fraud, money laundering and racketeering activities in contravention of the Prevention of Organised Crime Act.
He was sentenced to 15 years on each count. Though the combined sentence amounts to 495 years, the court ordered the sentences to run concurrently. He will serve an effective 15 years’ imprisonment.
The Hawks welcomed the end of the trial, saying Matodzi had signed a plea deal with the state after the “realisation that the investigation team within the serious corruption investigation unit had done its due diligence”.
“This outcome underscores the commitment of the Directorate for Priority Crime Investigation [Hawks] and the justice system to holding individuals accountable for their actions, particularly those who significantly harm the financial sector and public trust.
“The DPCI remains steadfast in its pursuit of justice and ensuring such offences do not go unpunished.”
TimesLIVE
VBS Bank’s Tshifhiwa Matodzi gets jail time after plea deal with prosecutors
Image: ANTONIO MUCHAVE
A 15-year jail term has been meted out to Tshifhiwa Matodzi, former chairperson of the defunct VBS Mutual Bank board, after he pleaded guilty to charges relating to his role in the downfall of the bank.
Matodzi pleaded guilty in the Pretoria high court to 33 counts including corruption, theft, fraud, money laundering and racketeering activities in contravention of the Prevention of Organised Crime Act.
He was sentenced to 15 years on each count. Though the combined sentence amounts to 495 years, the court ordered the sentences to run concurrently. He will serve an effective 15 years’ imprisonment.
The Hawks welcomed the end of the trial, saying Matodzi had signed a plea deal with the state after the “realisation that the investigation team within the serious corruption investigation unit had done its due diligence”.
“This outcome underscores the commitment of the Directorate for Priority Crime Investigation [Hawks] and the justice system to holding individuals accountable for their actions, particularly those who significantly harm the financial sector and public trust.
“The DPCI remains steadfast in its pursuit of justice and ensuring such offences do not go unpunished.”
TimesLIVE
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