Thirteen individuals implicated in the VBS Mutual Bank scandal, where over R1.9 billion was looted between 2015 and 2018, are set to appear in the Pretoria High Court today.
The Democratic Alliance (DA) and ActionSA have announced plans to protest outside the courthouse, demanding justice for the corruption and misuse of pensioners' savings and municipal funds involved in what has been dubbed the "grand bank heist."
The accused include former VBS CEO Andile Ramavhunga, former treasurer Phophi Mukhodobwane, and former non-executive members Ernest Nesane and Paul Magula. Also implicated are former ANC Limpopo treasurer-general Danny Msiza, as well as former ANC Youth League leaders Kabelo Matsepe, Ralliom Razinnane, Tshianeo Madadze, Solomon Maphosa, Sipho Malaba, Phalaphala Ramikosi, Paul Manila, and Robert Madzonga.
The defendants face a total of 180 charges, including corruption and racketeering. Alleged ringleader and former VBS chairperson Tshifhiwa Matodzi has already pleaded guilty to 33 counts for embezzling over R300 million by creating fraudulent credit in the bank’s account. His plea deal and affidavit are expected to play a crucial role in the prosecution's case against the remaining accused.
In response to the scandal, the ANC has pledged to reimburse any funds it may have inadvertently received from the defunct mutual bank.
