Ex-VBS Mutual Bank Shareholder Hopes Former CEO, Treasurer Will Confess to Looting

• Former VBS Mutual Bank's CEO Andile Ramavhunga, the bank's former treasurer Phophi Mukhodobwane and other senior officials will appear in court
• The group is accused of activities that resulted in the bank's collapse after billions were looted from the bank's coffers
• One of the bank's former shareholders hopes that those accused of pillaging the bank would come clean about their involvement

Tebogo Mokwena, a dedicated Briefly News current affairs journalist, contributed coverage of international and local social issues like health, corruption, education, unemployment, service delivery protests and heritage in South Africa during his seven years at Daily Sun and Vutivi Business News.

PRETORIA — Four former VBS Mutual Bank top officials are expected to appear before the Pretoria High Court for their alleged role in the bank's looting.

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VBS senior executives to appear in court

According to SABC News, the bank's ex-CEO Andile Ramavhunga, the former treasurer Phophi Mukhodobwane, and two non-executive members, Paul Magula and Ernest Nesane, will appear on 22 July. They have been charged with corruption, money laundering, fraud, and racketeering.

One of the bank's former shareholders, Robert Livhoyi, has called on them and others who might be accused to come clean about their activities in looting and pillaging the bank. He said those appearing must also be honest about their role in the bank's collapse.

South Africans demand more arrests

Netizens on Facebook discussed the latest appearance and the case.

Lebotha Kgobe Lups said:

"Only those coming from the ANC will be disciplined and taken to a court of law for their actions."

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Former SACP leader calls on the party to pay back R3 million VBS Mutual Bank money

Bongani Mgubela asked:

"Where are the big fish?"

ALu Le Lwe said:

"That money will never be recovered."

Floris Kotze said:

"The EFF and other criminals must pay back the money they stole from the poor."

Former VBS Bank CFO released on parole

In a similar article, Briefly News reported that the bank's former CFO, Phillip Truter, has been out of prison since April this year.

Truter, who was convicted and sentenced to serve seven years of his sentence, came clean about his involvement in looting the bank and confessed that he received millions.

Source: Briefly News