Thirteen implicated in VBS scandal back in court today

Up to 13 people implicated in the Venda Building Society (VBS) scandal, where over R1.9 billion was looted from the mutual bank between 2015 and 2018, are expected to appear in the Pretoria High Court today.

The Democratic Alliance (DA) and ActionSA say they will protest outside court against corruption and the misuse of pensioners’ savings and municipal funds.

The group of 13 are involved in what has been described as the grand bank heist.

The accused include former VBS CEO Andile Ramavhunga, former treasurer Phophi Mukhodobwane and former non-executive members Ernest Nesane and Paul Magula.

Others implicated are former African National Congress (ANC) Limpopo treasurer-general Danny Msiza as well as former ANC Youth League leaders Limpopo Kabelo Matsepe, Ralliom Razinnane, Tshianeo Madadze, Solomon Maphosa, Sipho Malaba, Phalaphala Ramikosi, Paul Manila and Robert Madzonga.

The accused all face 180 charges which include corruption and racketeering.

Alleged kingpin and former VBS chairperson Tshifhiwa Matodzi pleaded guilty to 33 counts for pocketing over R300 million by creating fake credit in the mutual bank’s account.

His plea agreement and affidavit will shift the body of evidence against those standing trial.

Meanwhile, the ANC has vowed to pay back any money it unknowingly accrued from the collapsed mutual bank.

VBS Mutual Bank Saga | ANC to pay back the money

EDITORIAL NOTE: Earlier we made an error by saying VBS stand for Venda Burial Society while it is Venda Building Society.