IOL reports that three more people have been arrested in connection with the ongoing investigation into the VBS Bank scandal.

A 57-year-old former municipal manager of Fetakgomo-Greater Tubatse Municipality, a 39-year-old former chief financial officer and the 41-year-old owner of a private business were arrested on Tuesday at their Pretoria residences. “The allegations in this matter were reported and opened for the contravention of the Municipal Finance Management Act, 2003, for investing municipal funds with VBS Mutual Bank,” said police spokesperson Brigadier Nomthandazo Mbambo. She reported that the investigation revealed that Fetakgomo-Greater Tubatse Local Municipality had invested an amount of R230 million which was paid in five tranches from November 2016 to February 2018. According to the SAPS, the whole amount invested was never paid back to the municipality. The three will appear at Pretoria Specialised Commercial Crimes Court on Wednesday on charges of contravening the Municipal Finance Management Act, corruption and money laundering. So far, at least 14 people have been arrested. They face more than 100 charges. In August, it was reported that about 14 municipalities in Limpopo, North West and Gauteng, lost nearly R1.6 billion after illegally investing with the bank.

• Read the original of the report in the above regard by Se-Anne Rall at IOL

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