Oct 21, 2021

Mawazo Writing Africa

Writing about the main

High court postpones trial of 14 accused of VBS Mutual Bank ‘looting’

The state said Tuesday it was ready to trial the 14 people charged with looting VBS Mutual Bank, but some of the defendants were not ready for other reasons.

The Colonel The Pretoria court postponed the case until January 24th.

The defendants cited reasons for unwillingness that some needed further information while others resolved issues related to the funding of their legal teams.

“We are ready for the trial, but there is no point in setting a date for the hearing and the legal representatives have no instructions to proceed with the trial,” said Public Prosecutor Hein van der Merwe.

One of the defendants, Danny Msiza, has petitioned for his trial to be segregated. This motion will be negotiated next month.

The state has estimated that the case will last two terms.

Mmbulaheni Robert Madzonga, Kabelo John Matsepe, Msiza, Ralliom Razwinane, Takunda Edgar Mucheke , Tshianeo Madadzhe and Mulumisi Solomon Maposa were arrested in March this year.

They are charged together with 188 cases of extortion, corruption, fraud, theft and money laundering.

They closed another seven Defendants arrested last June. They are Tshifhiwa Matodzi, Andile Malusi Attwell Ramavhunga, Phophi Londolani Mukhodobwane, Sipho Nhlanhla Kelvin Malaba, Thifhelimbilu Ernest Nesane, Paulus Nditsheni Magula and Phalaphala Avhashoni Ramikosi.

You are accused of theft and

from VBS PhD degrees.

This led to depositors losing their money.

The bank was under the board of trustees in March 2018 after a severe liquidity crisis posed .

A report produced by Terry Motau SC revealed a number of findings, including that the majority of funds stolen were for the benefit of individuals and organizations related to VBS – Executives, including allegedly largest shareholder Vele Investments.

In October last year, the other defendant, former chief financial officer of VBS Mutual Bank, Phillip Truter, pleaded guilty to fraud and corruption, money laundering and extortion . He was sentenced to 10 years imprisonment with three years probation.

After the postponement, the spokesman for the National Prosecutor’s Office, Mthunzi Mhaga, said he had hoped that the trial date would be set by Tuesday, which was for two terms. < / p>

“Unfortunately, giving financial instructions and asking for more details and a possible separation of the proceedings is delaying the process,” said Mhaga.

“We hope to see the end of December like that Attorney stated, all of these issues will be resolved and a trial date will be set by January 24th, 2022. “