8 Main Suspects Arrested by Hawks for Looting of VBS Bank

In a sensational development, though long anticipated, the National Prosecuting Authority and the Hawks have arrested at least eight top people allegedly involved in the plundering of almost R2 billion from the defunct VBS Mutual Bank.

The Directorate for Priority Crime Investigation of the SA Police, also known as the Hawks, made the arrests early today.

Hawks head, Lieutenant General Godfrey Lebeya, and the National Director for Public Prosecutions Shamila Batoyi gave a press briefing today after simultaneous operations in Gauteng and Limpopo led to the arrest of eight main suspects for charges relating to the looting of Venda Building Society Mutual Bank.

It is one of the main cases that the NPA has been working on to right the wrongs of corruption that have gone hand in hand with state capture.

Batoyi applauded the team for addressing the evils of corruption and giving hope to those who had been victims in the saga. She highlighted the importance of arresting, investigating and ensuring that perpetrators of such crimes were brought to book.

A forensic investigation into the mass looting of VBS Mutual Bank led by Advocate Terry Motau, “The Great Bank Heist,” was completed in 2018, where it was found that about R1.89 billion was “gratuitously” taken from VBS by 53 people between 1 March 2015 to 17 June 2018.

AmaBhungane named some of the suspects as the bank’s former chair, Tshifhiwa Matodzi, chief executive, Andile Ramavhunga, treasurer, Phophi Mukhodobwane, and chief financial officer, Philip Truter. It also named Phalaphala Avhashoni Ramikosi, a former chief financial officer of the South African Police Service, as well as Sipho Malaba, “the disgraced audit partner from KPMG.”

The money stolen from VBS was apparently investments made by municipalities around the country. It also included money from pensions and stokvels.