Mail & Guardian
Mail & Guardian

Ernest Nesane

latest news & developments
Victims of the VBS Mutual Bank (VBS) scandal who lost their life savings say it is ironic that Economic Freedom Fighters (EFF) members are demanding the return of “stolen” land while failing to pay back the money they allegedly received unlawfully from the bank.
ANDILE RAMAVHUNGA

R2.3-billion VBS Mutual Bank heist trial to start soon

The state has finalised its charge sheet and is ready to prosecute the alleged bank looters

  • Khaya Koko
3 min read
ANDILE RAMAVHUNGA

‘We are all innocent,’ VBS eight tell court

The National Prosecuting Authority believes it has ‘a very strong case’ and wants to begin the VBS Mutual Bank trial

  • Khaya Koko
4 min read
ANDILE RAMAVHUNGA

‘Not guilty’ says R35m VBS ‘looter’

Former ANC youth leader Kabelo Matsepe set to protest his innocence after arrest by the Hawks

  • Emsie Ferreira
  • Khaya Koko
4 min read
Victims of the VBS Mutual Bank (VBS) scandal who lost their life savings say it is ironic that Economic Freedom Fighters (EFF) members are demanding the return of “stolen” land while failing to pay back the money they allegedly received unlawfully from the bank.
AFRICAN NATIONAL CONGRESS

Senior ANC officials to be arrested for role in VBS looting

Danny Msiza and Kabelo Matsepe will become the first politicians to be face charges for alleged complicity in the scandal

  • Lizeka Tandwa
  • Emsie Ferreira
  • Khaya Koko
5 min read
AVHASHONI RAMIKOSI

In a bizarre twist VBS liquidators sue KPMG for R863mn

In filed court documents, the VBS liquidators are blaming auditing firm KPMG’s negligence for the alleged looting of the bank

  • Khaya Koko
3 min read
NPA head Shamila Batohi said although the SIU was mandated to make referrals to the NPA, many of its cases needed further investigation to justify reasonable doubt. She said the SIU was almost using the NPA as a post box for its cases to be sent to the Hawks. (Gallo/Sunday Times/Alaister Russell)
ANDILE RAMAVHUNGA

NPA cool on ire over VBS saga’s glacial pace

The NPA has confirmed that the trial of the expected 10 accused in the VBS heist will be a marathon

  • Khaya Koko
3 min read
Trial date: The VBS heist trial is expected to begin only in early 2022. Photo: Delwyn Verasamy
ANDILE RAMAVHUNGA

R2.3bn VBS trial expected to only begin in 2022

The state is expected to request a 16 week-long trial, as delays stymie progress in the saga.

  • Khaya Koko
3 min read
Frustration reigned at the R2.3-billion VBS Mutual Bank heist court case after another postponement, with one of the accused’s lawyers arguing that his client was suffering financial prejudice because of the state’s alleged ineptitude.
ANDILE RAMAVHUNGA

VBS case delays cause massive frustration

A certificate is needed from the head of the NPA for more arrests to be made

  • Khaya Koko
4 min read
Seven of the defunct bank’s top executives appeared at the specialised commercial crimes court sitting in Palmridge on Thursday.
ANDILE RAMAVHUNGA

More arrests expected in the R2.3bn VBS heist

Prosecutors tell the court that more people will be charged and additional charges will be added to the seven accused in a new charge sheet

  • Khaya Koko
2 min read
Phillip will spend seven years behind bars.
ANDILE RAMAVHUNGA

‘Haunted’ VBS executive Truter sentenced to seven years

Phillip Truter, the former chief financial officer of the defunct mutual bank who pleaded guilty to fraud and other charges, will work with authorities on how the alleged heist…

  • Khaya Koko
2 min read
Pule Mabe has been at Luthuli House for some years but is now ready for a new chapter
AFRICAN NATIONAL CONGRESS

ANC: Heads must roll over ‘alarming’ VBS Mutual Bank report

The report recommended that more than 50 individuals be criminally charged and held liable in civil proceedings

  • Jenna Etheridge
  • Kyle Cowan
3 min read
Saica’s members that are implicated include former chief executive Andile Ramavhunga and former holding company Vele Investments chairperson Tshifhiwa Matodzi. (SABC)
ERNEST NESANE

Fedusa calls for former PIC directors linked to VBS Bank to be declared delinquent

Fedusa wants the pair to be declared delinquent directors for ‘failing to apply the highest standards of ethics and good corporate governance’

  • Lameez Omarjee
2 min read