Skip to content

Eighth VBS Bank Heist Suspect Arrested

An eight suspect in the VBS Mutual Bank investigation has been arrested by the Hawks’ serious corruption investigation team.

The suspect, a senior executive, could not be arrested a few weeks ago as he was in quarantine amid the COVID-19 pandemic.

He is expected to appear in Palm Ridge Specialised Commercial Crimes Court on Monday, facing 47 charges of fraud, theft, money laundering, corruption and racketeering.

His seven co-accused have already appeared in court.

A ninth suspect has also appeared in court in connection with money being invested at VBS in violation with municipal laws.

An estimated R2.7 billion went missing from VBS.

The arrest comes as the ANC in Limpopo welcomed a decision to reinstate members implicated in the scandal.

ANC secretary general Ace Magashule said its provincial executive committee in Limpopo accepted a decision made by the party’s top six to reinstate its members.

Provincial treasurer Danny Msiza and the deputy chairperson Florence Radzilani appeared in advocate Terry Motau’s report into the theft of more than R2 billion from the bank.