-
A branch of the VBS Mutual Bank.
Three people, including two former senior officials at the Lepelle-Nkumpi Local Municipality and a businessman, are expected to appear in the Polokwane Special Commercial Court in Limpopo today.
Their appearance is in connection with the alleged corruption related to the VBS Mutual Bank scandal.
Former municipal manager Thabo Ben Mathogoane, Chief Financial Officer Rosina Ngoveni and businessman Thapelo Molathlegi are accused of influencing the municipality to invest R150 million in the defunct bank and receiving gratification in return.
The accused face charges of corruption, fraud, theft and contravention of the Municipal Finance Management Act.
Mathogoane allegedly received R100 000 in gratification, while Molathlegi allegedly paid for a vehicle for Mathogoane using money from the municipality’s investment.
The VBS Mutual Bank gripped headlines in 2018 when it was placed under curatorship.
In the report below from last year, SABC News Senior Reporter Hasina Gori takes us back chronologically over a six-year period, tracing the intricate threads of deceit and mismanagement that led to the collapse of the bank.
VIDEO | VBS Mutual Bank scandal:
-Additional reporting by Hasina Gori
