VBS Bank pre-trial hearing to start on July 22

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The pre-trial hearing of the defunct VBS Mutual Bank matter will start on July 22 in the North Gauteng High Court in Pretoria.

This comes after the court sentenced former VBS chairperson Tshifhiwa Matodzi to 15 years in prison for multiple counts of racketeering, theft, fraud and money laundering.

National Prosecuting Authority (NPA) spokesperson Lumka Mahanjana says the sentence was handed down after Matodzi entered into a plea agreement with them.

“Matodzi’s offences led to the demise of VBS under his tenure, which included a loss of more than R2.2 billion through unlawful activities. The sentence agreement forms part of an ongoing broader prosecution strategy to ensure accountability for all involved in the looting of VBS.”

“A key consideration was that Matodzi cooperated fully with the investigation and prosecution team. The pre-trial hearing of the VBS matter will start on 22 July 2024 in theHigh Court in Pretoria,” adds Mahanjana.

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