Seven men accused of defrauding VBS Mutual Bank appeared in the Palm Ridge Regional Court on 18 June 2020.
- Seven accused appeared in court for the alleged looting of VBS Mutual Bank and pleaded not guilty to multiple charges.
- An eighth accused is in quarantine due to Covid-19.
- The public gallery was packed to capacity during the VBS bank heist case – in contravention of lockdown regulations.
Seven men accused of defrauding VBS Mutual Bank have told the Palm Ridge Regional Court they are innocent, each pleading not guilty to the multiple charges they face.
Four of the men were arrested during early morning raids on Wednesday, while three others handed themselves over to police later.
An eighth accused is in quarantine due to Covid-19.
Magistrate Brian Nemavhidi put his foot down on Thursday when he refused to hear the case until court orderlies ensured that the packed public gallery was cleared and physical distancing regulations, aimed at preventing the spread of Covid-19, were strictly implemented.
Nemavhidi said he would not continue until the orderlies ensured that physical distancing was maintained and that those who were standing were removed.
State prosecutor Hein van der Merwe told the court that there were seven accused present and the eighth person was absent.
Those in court included former VBS chairman Tshifhiwa Matodzi, who was described as the alleged “kingpin” of the VBS looting scheme in which more than R2 billion being stolen from the bank’s coffers.
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He was joined by VBS CEO Andile Ramavhunga, former VBS treasurer Phophi Mukhodobwane, and former non-executive VBS board members, Ernest Nesane and Paul Magula, as well as former KPMG engagement partner Sipho Malab and Phalaphala Avhashoni Ramikosi, the former chief financial officer of the South African Police Service.
At a briefing on Wednesday, Hawks head Lieutenant General Godfrey Lebeya said the eight men, unduly, directly and indirectly, over several months, accrued R122 million for themselves.
The men face several counts, broken down as follows
- 5 counts of a “pattern of racketeering activities” in contravention of the Prevention and Combatting of Corrupt Activities Act;
- 12 counts of common law theft;
- 7 counts of fraud;
- 15 counts of corruption in terms of the Prevention and Combatting of Corrupt Activities Act and
- 7 counts of money laundering.
The hearing continues.
