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Three more arrested on VBS Bank scandal
2021/11/16

Media Statement
Directorate for Priority Crime Investigation
(HAWKS)

 

PRETORIA - Three suspects; a 57-year-old former Municipal Manager of Fetakgomo-Greater Tubatse Municipality, 39-year-old former Chief Financial Officer and the 41-year-old owner of a private business were arrested this morning at their residences around Pretoria.

The allegations in this matter were reported and opened for the contravention of the Municipal Finance Management Act, 2003 (Act No. 56 of 2003) for investing municipal funds with VBS Mutual Bank. The investigation revealed that Fetakgomo-Greater Tubatse Local Municipality invested an amount of R230 million which was paid in five trenches from 15 November 2016 to 19 February 2018.

The whole amount invested was never paid back to the municipality.

The three will appear at Pretoria Specialised Commercial Crimes Court on Wednesday the 17 November 2021 on charges of Contravention of section 173 of the Municipal Finance Management Act, 2003 (Act No. 56 of 2003); corruption; and  money laundering. 

Ends

 

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