Eight suspects implicated in the looting and collapse of VBS Mutual Bank are expected to appear at Palm Ridge Regional Court on Thursday, 18 June 2020.
During the media briefing, National Head of DPCI Lieutenant General Godfrey Lebea said four of the suspects were arrested this morning, three are expected to hand themselves today and the eighth suspect is in quarantine.
Proper processes will be followed for the suspect who is in quarantine.
According to the leaked information, the suspects include the bank’s former chairperson, Tshifhiwa Matodzi, chief executive, Andile Ramavhunga, treasurer, Phophi Mukhodobwane, and chief financial officer, Philip Truter, two former representatives of the Public Investment Corporation (PIC) to the VBS board, Paul Magula and Ernest Nesane, the former member of the South African Police Service Avhashoni Ramikosi and Sipho Malaba from KPMG who signed off on the bank’s fake financial statements
Lieutenant General Lebea further mentioned that no stone will be left unturned.