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News24 reports that the chief financial officer of the Collins Chabane municipality has been arrested for his alleged involvement in the investment of municipal money with the now broke VBS Mutual Bank.
Brigadier Thandi Mbambo said he allegedly contravened the Municipal Finance Management Act (MFMA) in connection with the investment of a whopping R120 million of the municipality's money in October 2017. The municipal manager at the time, Charlotte Ngobeni, was arrested for the same matter in March 2021. She has already appeared in court and, after being released on R50,000 bail, is due back in court on 9 May. Signs that something was amiss at the bank emerged when pensioners and cooperatives could not get their money out of the bank. VBS Mutual Bank was subsequently declared bankrupt and a final liquidation order was granted in November 2018. The first liquidation dividend paid out seven cents in the rand to some creditors. Of the R159 million to be paid out, only about R110 million went to municipalities. The latest person to be arrested in the saga is expected to appear in the Palm Ridge Specialised Commercial Crimes Court on Friday on charges of contravening the MFMA. Mbambo said this would bring to 27 the number of people arrested in the course of the investigation into what initial investigator Terry Motau called a "heist". According to Mbambo, more arrests are imminent.
- Read the full original of the report in the above regard compiled by Jenni Evans at News24
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