{"id":6244,"date":"2021-03-12T22:45:17","date_gmt":"2021-03-12T22:45:17","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=6244"},"modified":"2021-03-12T18:28:30","modified_gmt":"2021-03-12T18:28:30","slug":"vbs-bank-accused-granted-r50k-to-r100k-bail","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/vbs-bank-accused-granted-r50k-to-r100k-bail","title":{"rendered":"VBS bank accused granted R50k to R100k bail"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>Cape Town – The Palm Ridge Magistrate\u2019s Court has granted bail to seven people who were arrested in connection with the alleged looting of the VBS Mutual Bank.<\/p>\n

ANC Limpopo provincial treasurer, Danny Msiza, is one of the seven people granted bail of between R50 000 and R100 000 in the Palm Ridge Magistrate\u2019s Court on Friday.<\/p>\n

Msiza and his co-accused face a raft of charges.<\/p>\n

The seven accused will return to court on March 26 with the seven other people who were arrested last year.<\/p>\n

This will add to 14 people who are charged with corruption over VBS.<\/p>\n

The bank collapsed after advocate Terry Motau tabled a report that showed alleged looting of the bank. Some of the politicians or people with links to politicians were implicated in the report.<\/p>\n

The law enforcement agencies swooped on former executives of VBS last July.<\/p>\n

This week, Msiza and six others were arrested by the Hawks.<\/p>\n

Former ANC Youth League provincial leader Kabelo Matsepe, ex-VBS Chief Operating Officer and former Vele Investments CEO Robert Madzonga, ex-VBS managing director for retail Solomon Maposa, Rallion Razwinane, Tshianeo Madedzhe and Takenda Macheke appeared in court on Friday and were released on bail.<\/p>\n

Former chairperson of the board Tshifiwa Matodzi, former VBS CEO Andile Ramavhunga, former head of treasury and capital investment Phophi Mukhobodwane and managing director for retail Solomon Maposa had been listed in the indictment on several charges against them.<\/p>\n

In the indictment the State has alleged that Msiza, Matsepe and two other people solicited bribes for municipalities to deposit their money into VBS.<\/p>\n

\u201cIn that in and during the period 11 July 2016 to 17 January 2018 and at or near Rivonia in the Johannesburg North Magisterial District, Accused 11 (Msiza) unlawfully and intentionally, directly or indirectly, accepted or agreed or offered to accept a gratification, to wit the cumulative amount of R4 284 450, from another person, to wit Accused 1 (Matodzi), Accused 2 (Ramavhunga), Accused 3 (Mukhodobwane) and Accused 10 (Kabelo Matsepe), whether for the benefit of Accused 11 (Msiza) or for the benefit of another person in order to act, personally or by influencing another person so to act in a manner that amounts to the illegal, dishonest, unauthorised, incomplete, or biased exercise, carrying out or performance of any powers, duties or functions arising out of a statutory, contractual or any other legal obligation, to wit the solicitation of deposits of monies into VBS by municipalities in contravention of the provisions of the Municipal Financial Management Act 56 of 2003 and the making of corrupt payments to various municipal officials, both known and unknown to the state, in order to obtain such deposits to VBS,\u201d reads the indictment.<\/p>\n

Msiza is accused of receiving several payments to influence the deposit into VBS.<\/p>\n

In the indictment the State also accused Matodzi and other senior officials at the bank of being at the centre of corruption.<\/p>\n

\u201cAll the accused participated in the enterprise through a pattern of racketeering activities as set out in the preamble of this indictment.<\/p>\n

\u201cAccused 1 (Matodzi), Accused 2 (Ramavhunga), Accused 3 (Mukhobodwane), Accused 4 (Maposa) and Accused 9 (Robert Madzonga) managed the affairs of the enterprise,\u201d reads the indictment.<\/p>\n

Political Bureau<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Cape Town – The Palm Ridge Magistrate\u2019s Court has granted bail to seven people who were arrested in connection with the alleged looting of the VBS Mutual Bank. ANC Limpopo provincial treasurer, Danny Msiza, is one of the seven people granted bail of between R50 000 and R100 000 in the Palm […]<\/p>\n","protected":false},"author":84,"featured_media":6243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-6244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nVBS bank accused granted R50k to R100k bail - South Africa<\/title>\n<meta name=\"description\" content=\"Cape Town - The Palm Ridge Magistrate\u2019s Court has granted bail to seven people who were arrested in connection with the ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/vbs-bank-accused-granted-r50k-to-r100k-bail\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VBS bank accused granted R50k to R100k bail\" \/>\n<meta property=\"og:description\" content=\"Cape Town - 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