Ex-VBS chair pleads guilty to fraud

Ex-VBS chair pleads guilty to fraud

Former VBS Mutual Bank chairperson Tshifhiwa Matodzi has pleaded guilty to 33 charges at the High Court in Pretoria. 

VBS liquidation

Matodzi is said to be the mastermind behind the theft of over R2.2 billion from the bank.


In a plea agreement, he admitted to charges including theft, fraud, money laundering, and racketeering. 


He has confessed to stealing R250 million by creating fake accounts. 

Matodzi has been sentenced to an effective 15 years. 

READ: Macpherson: Over R300m siphoned from Public Works in cyber attacks


The bank was placed under curatorship in 2018 and began liquidation dividends in 2022. 


Thirty-two people have been arrested, including VBS's former chief financial officer, Phillip Truter, who turned state witness and received seven years’ imprisonment.

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