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 investors destitute.
The suspects faced more than 100 charges of theft, money laundering, corruption and racketeering.
In 2018, bank was placed under curatorship by the reserve bank and a forensic investigation was instituted to establish exactly what went wrong.
An investigation by advocate Terry Motau exposed criminality in the conduct of the affairs of VBS and recommended criminal changes.
The report, entitled The Great Bank Heist, also implicated the brother of the deputy president of the militant Economic Freedom Fighters opposition party
VBS was a little known lender until it gained notoriety in 2016 for providing a R7.8 million rand loan to former President Jacob Zuma to reimburse the state for illegitimate upgrades to his personal home including a swimming pool and amphitheatre.
The money that went missing included cash from sizeable short term deposits by municipalities, and some 50 people were thought to be involved.
At least 14 municipalities from the North West, Limpopo and Gauteng provinces have owned up to depositing about R1.5-billion in total into VBS.
- Own Correspondent
