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Eight suspects arrested in SA’s ‘biggest bank robbery’ VBS fraud case

‘We have an obligation to all South Africans to deliver justice in this matter … It is our duty to the direct victims of corruption.’
Image: Moneyweb

South African authorities have apprehended eight people suspected of illegally siphoning R2.3 billion from small lender VBS Mutual Bank, which collapsed in 2018 because of the corruption scandal.

Godfrey Lebeya, head of South Africa’s Directorate for Priority Crime Investigation, said four were already in custody, three were due to turn themselves in on Thursday and an eighth suspect had agreed to appear after clearing Covif-19 quarantine.

“As soon as all the relevant processes are completed, we will be securing the attendance of the eight suspects in court,” he told a news conference.

The head of the National Prosecuting Authority Shamila Batohi added that they were due to appear in court on Thursday. She described it as “probably the biggest bank robbery in this country.”

Batohi added, “We have an obligation to all South Africans to deliver justice in this matter … It is our duty to the direct victims of corruption.”

Charges included five counts of racketeering, 12 of theft, seven of fraud and 15 of corruption, Lebeya said.

VBS was a little known lender until it gained notoriety in 2016 for providing a R7.8 million 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.


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Please give us an update on the status of JZ’s loan:
A its fully repaid;
B is being repaid monthly, no arrears;
C he asked for a payment holiday;
D fully written off;
E fully written off including interest from day one?

I guess E.

He must be given a fare chance to pay back the money. He could even start a tourism business at the Nkandla homestead, He could charge tourists to watch him do the umshine wami around the fire pool.

F:fully written off including interest from day one and legal cocts borne by citizens.

Why not go after the guptas and government looters?

This case has been investigated very well.

Speaking under correction here, but I think I saw an interview once with advocate Terry Motau (Author of the forensic report into VBS Mutual Bank).

Excellent explanation on what happened.

Don’t forget the Public Protector refused to release her report in the VBS scandal and blamed the South African Reserve Bank for it. This was on 19 Dec 2019, about 6 months ago. The VBS scandal involves well-knowns politicians at every level of government, from provincial to national.

Is the current Public Protector acting in the interests of the citizens of South Africa or is she protecting politicians from criminal prosecution?

The so-called ‘Public Protector’ is absolutely, clearly not a protector of the public, merely of those in the top echelons of the ANC and EFF. Way past time we had a PP of the calibre of Thuli Madonsela back in this position. Am so sick of the corruption at top levels in this country, funded by our hard-earned tax money. And it’s guaranteed that the Guptas have bought their freedom in the UAE/Dubai/India with money stolen from SA’s poor.

Maybe these eight suspects are just the “fall guys”. The real culprits sit in the parliamentary circus and are part of the gangster state.

End of comments.





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