VBS Mutual Bank Scandal: Tshifhiwa Matodzi Sentenced to 15 Years Behind Bars
- Former VBS Mutual Bank Board Chairperson Tshifhiwa Matodzi was sentenced to 15 years behind bars for his crimes that led to the bank’s closure
- The North Gauteng High Court handed Matodzi 15 years for each of the 33 charges he pled guilty to; however, they would run concurrently
- The Hawks said it was pursuing other suspects who played a role, alongside the 47-year-old, in the so-called R2bn VBS money heist
Zingisa Chirwa is an experienced Briefly News journalist based in Johannesburg, South Africa, who has covered court proceedings and current affairs on the radio for over 15 years.
Source: UGC
Former VBS Mutual Bank Board Chairperson Tshifhiwa Matodzi was sentenced to 495 years for his crimes, which led to the bank's closure.
VBS Board chair pleads guilty
The 47-year-old appeared before the North Gauteng High Court on 10 July 2024 and was sentenced to 15 years for each of the 33 charges he pled guilty to. The presiding judge, however, ordered that the sentences run concurrently, meaning the former bank chair would only spend 15 years behind bars.
According to SowetanLIVE, Matodzi was convicted for crimes including theft, fraud, money laundering and a pattern of racketeering activities in contravention of the Prevention of Organised Crime Act.
The Hawks’ Lieutenant-General Godfrey Lebeya told the publication that Matodzi’s conviction was a testament to the Directorate for Priority Crime Investigation’s commitment:
"The DPCI will not relent in its mission to bring criminals to justice. We are actively pursuing other suspects in this case, and they, too, will face the full might of the law.”
Matodzi was believed to be the mastermind in the so-called R2bn VBS money heist, which led to the bank’s collapse in 2018.
Mzansi calls for more VBS-related convictions
Scores of Facebook users welcomed the sentence handed to Matodzi and called for more heads to roll.
Micky Tlala questioned:
“When are those honourable members of parliament following him?”
Sarah Modiba Baloi wondered:
“What about those who benefited?”
Tebogo Pula suggested:
“He took the blame for others as well; now he must name all those who were involved. Good Sentence; we welcome it.”
Mustafa Mohammed Ahmed asked:
“What about top politicians”
Xolani Mabasa stated:
“Others must follow him.”
Jacob Zuma’s FNB account frozen for defaulting on VBS Mutual Loan
Briefly News reported that liquidator Anoosh Rooplal instructed FNB to freeze former President Jacob Zuma's accounts.
This was taken due to Msholozi's continued default on the loan from the now-defunct VBS Mutual Bank.
South Africans questioned the necessity of freezing Zuma’s accounts for defaulting on payments.
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Source: Briefly News
