The Case Against 14 Accused of VBS Mutual Bank Corruption Postponed To October

THE case against 14 suspects accused of corruption in connection with the collapse of VBS Mutual Bank on Monday was postponed to 12 October 2021.

The accused appeared in the Pretoria High Court for pre-trial proceedings, but the case was adjourned after some of the accused changed their legal teams.

They face more than 100 charges of theft, fraud, money laundering, corruption and racketeering.

The state alleges the suspects, which include controversial Limpopo ANC leader Danny Msiza, looted nearly R2.3 billion from VBS’s coffers and doctored the bank’s 2017 financial statements to cover up the fact that it was insolvent

The court also heard that one of the accused intends making further representations to the National Director of Public Prosecutions. 

The state alleged they looted nearly R2.3 billion from VBS coffers and doctored the financial statements to cover up the fact that it was insolvent, leaving thousands of depositors and