Thursday, 18 June 2020 16:12


The Specialised Commercial Crimes Court has granted bail to the seven men arrested for allegedly looting R122-million from VBS Mutual Bank.

Seven suspects appeared in court on Thursday on charges related to the VBS Mutual Bank heist.

Bail was set at R100,000 for each applicant.

Among those arrested, the former VBS chairperson and other board members stand accused of siphoning the millions of rands from the bank that are just a fraction of the R3-billion siphoned from the bank.

The court rejected their plea for the bail amount to be reduced.

Magistrate Brian Nemavhidi stated that the accused cannot claim poverty when there are allegations that they looted billions of rands.

He ordered all the accused to pay the bail money at 4pm on Thursday or they would be detained.

The matter was then remanded to the 8th of October for further investigation.

On Wednesday, Hawks boss Lieutenant General Godfrey Lebeya said the men were arrested during a raid at ten properties in Gauteng and Limpopo. Lebeya said the men benefited unduly from R122 million which was allegedly stolen from VBS Bank.

The suspects face 47 charges which include; five charges of racketeering, 12 counts of theft, 7 charges of fraud, 15 charges for corruption and 7 for money laundering.