This brings the number of people arrested in the VBS Mutual Bank saga to 25.
LIMPOPO – The National Head of the Directorate for Priority Crime Investigation, Dr/Adv Godfrey Lebeya in a statement today named two more officials who have been arrested in the Venda Mutual Bank (VBS) looting saga.
Among the arrested suspects is the former mayor of Thulamela Local Municipality Avhashoni Tshifhango, confirmed Lebeya in a statement on Monday (February 7).
Two people, aged 49 and 52, were taken into custody on allegations of corruption and maladministration and are expected to appear in the Thohoyandou Magistrates’ court, on Tuesday (February 8).
Their arrests follow an intensive investigation into the inappropriate investment of state funds into VBS by the Thulamela Local Municipality, he added.
Lebeya said the investigation revealed that the municipality invested an amount of R30 million into VBS, in contravention of the Municipal Finance Management Act.
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Around 20 municipalities in Limpopo, North West and Gauteng areas, respectively, lost nearly R1.6 billion, after illegally investing with the now beleaguered VBS bank.
“All the VBS-related cases are receiving the necessary attention and so far at least 25 people have been arrested and more than 100 charges have been laid.”
He added that the investigations into the various municipalities are at an advanced stage and more suspects are expected to be arrested as the investigations continue.
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