Ex VBS Bank shareholder hopes accused will confess

A former VBS Mutual Bank minority shareholder, Robert Livhoyi, says he hopes the accused will confess that they played a role in the bank’s collapse.

Four former executives accused of irregular activities that led to the bank’s collapse are expected to appear in the High Court in Pretoria today.

They are the former CEO Andile Ramavhunga, former Treasurer Phophi Mukhodobwane and former non-executive members Ernest Nesane and Paul Magula.

The former executives face charges of fraud, corruption, money laundering and racketeering.

Livhoyi says, “The people who must also appear, they must also tell the truth. We as the minority shareholders are listening to what they are saying. We are not saying it is the truth, we will weigh it with what we know and we will see if this is the true reflection of what happened.”

Two South African Municipal Workers’ Union (Samwu) leaders were killed and this is suspected to be linked to their strong criticism of municipalities that invested public funds in the bank.

The spokesperson for their families, Lucky Mani, has called on those that the bank’s former Chairperson Tshifhiwa Matodzi has listed in his affidavit to come forward with information.

Mani says, “To all the people that are listed in that case, as the people that are part of, I don’t know what to call it, as indicated, whatever whichever way and my advice would be the best is to free themselves, is to speak the truth so that they can get their freedom,  they will be helping us and the rest of the people that have suffered, people suffered it differently, we lost our brother and we have been robbed.”

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