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VBS Mutual Bank’s court case has been postponed until January 2021 as the state wants to add more charges and more defendants.
The Hawks indicated yesterday that their investigation has shown that they may be arresting more people in connection with R2bn’s looting of retiree money at VBS Bank.
This was after former co-defendant CFO Philip Truter pleaded guilty to corruption, fraud, racketeering and money laundering charges and was sentenced to seven years in prison.
He has also reached an agreement to become a state witness and SowetanLIVE understands that he has already given the state information related to the looting that took place at the bank.
Truter pleaded guilty to charges of:
- accounting fraud for falsely inflating assets owned by VBS Bank, among others;
- corruption in the sense that he accepted a bonus of approximately R5m;
- another count of fraud;
- money laundering in which money was paid to companies as part of the proceeds of money stolen from the bank to avoid prosecution for corruption;
- organized crime and not submitting your 2018 income tax returns to the Sars.
All seven defendants briefly appeared in Palm Ridge Court Commercial Crimes Court.
Among them were former VBS Chairman Tshifhiwa Calvin Matodzi, former CEO Andile Ramavhunga, former Treasurer Phophi Mukhodobwane, former non-executive board members Ernest Nesane and Paul Magula, former CFO of the SA Police Service Phalaphala Avhashini Ramikosi and former KPMG engagement partner Sipho Malaba.
They will appear again on January 26, 2021.
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