May 27, 2022

Mawazo Writing Africa

Writing about the main

Ex-Collins Chabane CFO arrested for irregularly investing municipal money with VBS Bank

The Hawks arrested former community CFO Collins Chabane on Thursday for his alleged involvement in illicit and irregular investments of community funds at VBS Mutual Bank.

Hawks spokesman Brig Thandi Mbambo said more Arrests imminent.

“It is alleged that the Collins Chabane Municipality invested R120 million in VBS Mutual Bank on 23 October 2017 in breach of the Municipal Finance Management Act.”

< p>Mbambo said the suspect is expected to appear at the Palm Ridge Commercial Crimes Trial Court on Friday.

Former community leader Charlotte Ngobeni was arrested in March 2021 on the same matter by members of the Hawks’ Major Corruption Task Team arrested and released on R50,000 bail.

Ngobeni will appear again on May 9.

Mbambo said the Hawks’ investigation into VBS Mutual Bank cases is ongoing are at an advanced stage and 27 suspects have been arrested so far.

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