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A branch of the VBS Mutual Bank.
Former Thulamela Local Municipality Mayor Avhashoni Tshifhango is facing trial in the Polokwane Specialised Commercial Crimes Court in Limpopo today for alleged corruption in the looting and collapsing of the defunct VBS Bank.
Tshifhango allegedly received a bribe of a vehicle valued at more than half a million rand through a well-known suspected VBS money laundering third party.
This after the municipality invested R30 million into VBS.
The corruption trial against Tshifhango was set to resume on Monday but was postponed due to the unavailability of his lawyer.
His trial started last year. A number of witnesses, including former employees of the defunct bank, are expected to testify.
One of the witnesses is a former VBS chairperson, Tshifhiwa Matodzi, who is serving a 15-year jail term for more than 400 charges.
Shareholders demanding funds back
Meanwhile, the VBS Minority Shareholders Forum says they want VBS Mutual Bank to be restored and for everyone to get their funds back.
The forum represents both minority shareholders and depositors.
The bank was placed under curatorship in 2018 after depositors and other creditors including various municipalities were defrauded of more than R2 billion between 2015 and 2018.
