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They were released on bail of 100,000 rand each when they first appeared three months ago.
Seven suspects arrested in connection with the multi-million dollar rand VBS robbery appeared in Palm Ridge Regional Court on June 18, 2020. They are: (top row, left to right) Tshifhiwa Matodzi, Andile Ramavhunga, Phophi Mukhodobwane, (bottom row from left to right) right) Sipho Malaba, Avhashoni Ramikosi, Ernest Nesane and Paul Magula. Image: Kayleen Morgan / EWN.
JOHANNESBURG – The seven other VBS Mutual Bank defendants are expected to appear in Palm Ridge Commercial Crimes Court on Thursday after CFO Phillip Truter pleaded guilty and became a state witness.
They were released on bail of 100,000 rand each when they first appeared three months ago.
The ninth defendant, the former CFO of the Merafong City Local Municipality Mattheys Wienekus, was expected to finalize his plea deal in December.
The National Tax Authority (NPA) welcomed Truter’s conviction and his decision to help the state, but it was still an uphill battle because the alleged masterminds of the VBS saga said they were not guilty and intended to defend themselves.
They are former chairman of the board Tshifhiwa Matodzi, former CEO Andile Ramavhunga, former treasurer Phopho Mukhondobwane, former KPMG partner Sipho Malaba and former executives of the Public Investment Corporation (PIC) Ernest Nasane and Paul Magula, and non-executive director Avhashini Ramikosi.
Meanwhile, Wienekus, who was CFO when the Merafong Municipality deposited 50 million rand with VBS even though it was illegal, had yet to comment.
Merafong was one of 20 municipalities that deposited money in the now defunct bank.
They face 47 counts of theft, fraud, money laundering and organized crime.
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