Hawks Arrest 3 in VBS Mutual Bank Scandal, Brings Total Arrests to 14

Hawks Arrest 3 in VBS Mutual Bank Scandal, Brings Total Arrests to 14

  • Three more suspects have been arrested in connection with the VBS Mutual Bank scandal, bringing the total number of arrests to 14
  • The suspects will appear in court in Pretoria tomorrow on money laundering and corruption charges, as well as contravention of Section 173
  • Various municipalities invested over R1 billion in VBS Bank and the money has still not been repaid

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PRETORIA - Police have confirmed that three additional suspects have been arrested in connection with the VBS Bank scandal, which brings the total number of arrests to 14.

The three suspects are a 57-year-old, a 41-year-old, and a 39-year-old. The latter two were business owners, while the 57-year-old was formerly employed by the municipality as a manager.

According to News24, the three suspects will appear in Pretoria's Specialised Commercial Crimes Court tomorrow on charges of money laundering, corruption, and disobeying Section 173 of the Municipal Finance Management Act.

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Hawks, VBS Bank
Three more suspects have been arrested in the VBS Bank scandal. Image: GULSHAN KHAN/AFP via Getty Images.
Source: Getty Images

Details of the arrest and scandal

The three suspects were arrested at their respective homes in Pretoria this morning. 14 people have been arrested in the VBS Bank scandal and collectively face more than 100 charges, IOL reports.

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Their arrest follows an investigation which found that the municipality that the 57-year-old suspect managed, namely the Fetakgomo-Greater Tubatse Local Municipality, invested R230 million in VBS over five payments and the money was never repaid to the municipality.

This is not the only municipality to invest in VBS Bank. In fact, 14 municipalities in Limpopo, Gauteng, and North West altogether invested R1.6 billion in the bank and the funds were never retrieved.

Reactions to the latest VBS arrests

@IsaacMokhatla asked:

"When are they not arresting the suspects in connection with PPE and Digital Vibes looting?"

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@coxwainxulu said:

"The VBS and Asbestos scandal accused need to hire a bus on court appearance dates now."

@maanda8228 shared:

"I will take Hawks seriously the day they will arrest Guptas."

@AardvarkBloody believes:

"Not only will the Guptas not be arrested, the state capture saga will be recycled as "a valuable learning experience" for a young democracy still coping with the ravages of apartheid."

Malema claims Brian Shivambu is innocent despite R4.5 Million VBS debt

Previously Briefly News reported that EFF leader Julius Malema is adamant that just because Brian Shivambum, the brother of Floyd Shivambu, has promised to pay back R4.5 million to VBS Mutual Bank does not make him guilty.

Malema said that his readiness to pay back the money was a compromise and not a confession of guilt. He spoke at a press conference in Johannesburg on Thursday.

Once you call it a compromise, it doesn’t mean there is any guilty party. You just want to get rid of this thing,” he said.

Source: Briefly News

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