Court grants bail to 7 accused in VBS Mutual Bank case
Seven of the men accused of looting some R100 million from VBS Mutual Bank have been granted R100 00 bail each.
The accused appeared in the Specialised Commercial Crimes court sitting at the Palm Ridge Magistrates Court in Johannesburg on Thursday.
The bank's former board chairperson Tshifiwa Matodzi, former CEO Andile Ramavhuga, former head of treasury Phophi Mukhodobwane and former audit committee chairman Phalaphala Ramikosi all appeared before court.
Alongside them was a former KPMG employee appointed as the bank's auditor Nhanhla Malaba, former head of governance and compliance at the Public Investment Corporation (PIC) and non-executive director of the bank Ernest Nesane as well as the former head of risk management at the PIC Paul Magula.
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The 8th accused, the bank’s former CFO Philip Truter, is in self-isolation as per COVID-19 regulations and will appear before the court at another time.
All accused said they plan to plead not guilty to 47 counts of fraud, money laundering, and racketeering.
They asked the court to reduce the amount for bail, but Magistrate Brian Nemavhidi rejected their pleas, stating they cannot claim poverty when they are accused of stealing billions of rands.
He ordered all the seven accused to ensure their bail money is paid by Thursday afternoon or they will be detained at Midrand Police Station.
The National Prosecuting Authority's (NPA) Sipho Ngwenya said the state is ready to go to trial and believes it has a solid case.
He also confirmed that more arrests are expected.
