VBS Case Postponed

By: Sthulile Mdletshe

The VBS Mutual Bank case has been postponed to the 24th of January next year, where a pre-trial date will be set.

Senior ANC officials and former Gauteng municipal officials are facing charges of racketeering, fraud, corruption and money laundering, linked to the collapse of the VBS Mutual Bank.

It is alleged these officials received kickbacks for investing money from the Mahikeng Municipality in the now-defunct bank despite an order by National Treasury, prohibiting public entities from doing so.

They purchased vehicles and property with the kickbacks received in turn for this investment.

NPA Spokesperson Mthunzi Mhaga says the bank’s former executives as well as politicians are accused of stealing almost R3 billion from the bank collectively.

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