Nov 28, 2021

Mawazo Writing Africa

Writing about the main

VBS fraud accused granted bail of R50,000 each

Two government officials and a businessman arrested in connection with the looting scandal surrounding the VBS Mutual Bank were given bail of R50,000 each Wednesday before the specialized white-collar crime court in Pretoria.

< p> The Trio – Nkhono Johannes Mohlala, 57, former community leader of the community of Fetakgomo-Greater Tubatse; Tumelo Given Ratau, 39, former parish CFO; and Keaobaka Remigious Kgatiteroe, 41, owner of Kelotlhoko Property Services – were arrested when the Hawks stormed their homes in Pretoria on Tuesday morning.

They were charged with corruption and money laundering under the Municipal Finance Management Act, as well as charges.

The spokesman for Hawks, Brig Nomthandazo Mbambo, said the investigation showed that the community’s 230 million investments were never returned to the community, “Mbambo said.

The matter was raised postponed to March 1, 2022.

The bank was placed under the Board of Trustees in March 2018 after a severe liquidity crisis.

Fourteen other people who are accused of looting VBS must be in the Again in the Pretoria Supreme Court on January 1st. They are accused of extortion, corruption, fraud, theft and money laundering.

Seven other defendants were arrested in June last year.

In October last year, the former DDPS CFOPhillip Truter pleaded the indictment Guilty of fraud, corruption, money laundering and extortion. He was sentenced to 10 years in prison with three years probation.