7 VBS Bank accused granted R100k bail each

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Magistrate Brian Nemavhidi has on Thursday granted bail of R100,000 to each of the seven accused in the VBS Mutual Bank scandal case.

Magistrate Nemavhidi said they couldn't claim poverty. Should applicants not be able to raise bail by 4 pm on Thursday, they will be detained at Midrand police station. Earlier, the seven of the eight suspects who appeared in the Palm Ridge Regional Court said they intended to plead not guilty. In his bail application, former VBS bank chairperson and alleged mastermind, Tshifhiwa Matodzi, said he was unemployed and had no assets. The suspects appealed to the court not to prejudice them through excessive bail amounts.

 

They were arrested for their role in the multi-billion rand bank heist and face charges of money laundering, fraud, theft, and racketeering. An eighth suspect is currently under COVID-19 quarantine. Those in court included former VBS chairman Tshifhiwa Matodzi, who was described as the alleged "kingpin" of the VBS looting scheme in which more than R2 billion being stolen from the bank's coffers.

 

He was joined by VBS CEO Andile Ramavhunga, former VBS treasurer Phophi Mukhodobwane, and former non-executive VBS board members, Ernest Nesane and Paul Magula, as well as former KPMG engagement partner Sipho Malab and Phalaphala Avhashoni Ramikosi, the former chief financial officer of the South African Police Service.

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