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News24 reports that a 59-year-old former Mahikeng Municipality official is the latest person to be arrested in connection with the VBS Mutual Bank scandal.
The arrest was made in Klerksdorp, the North West, on Tuesday. Hawks spokesperson Colonel Katlego Mogale explained that R92 million of taxpayers' money was invested by the suspect into VBS in contravention of the Municipal Finance Management Act. This was in return for a generous line of credit. The official allegedly used the credit to buy two-high powered vehicles and property in Klerksdorp, amounting to R1.7 million, in 2017 and 2018. Mogale said that only R7 million of the R92 million was paid back to the municipality. Mahikeng is one of 20 municipalities that invested municipal funds with VBS. The 59-year-old will appear in the Mahikeng Regional Court on Wednesday to face charges of contravention of the Municipal Finance Management Act and the Prevention and Combating of Corrupt Activities Act. The bank was put into liquidation in 2018 after tragic scenes played themselves out of pensioners waiting outside the bank to withdraw money that no longer existed.
- Read the full original of the report in the above regard compiled by Jenni Evans at News24
- Lees ook, Nog een in boeie oor VBS-skandaal, by Maroela Media
Get other news reports at the SA Labour News home page