ActionSA welcomes the arrest of 3 suspects implicated in the VBS bank heist. The three individuals, aged 33, 42, and 64, were nabbed on early Tuesday morning in Lulekani, Giyani and Muhuya village in Thohoyandou respectively, during a raid conducted by Hawks Serious Corruption Investigation unit.
During an investigation, the Hawks revealed that the two suspects at the Giyani Municipality collectively invested R148 656 282.00 of the municipality funds into VBS Mutual Bank, with significant sums funnelled to VBS affiliated companies under the guise of “commissions.” A portion of these illicit funds was laundered through multiple bank accounts, including that of the third suspect.
The 64-year-old suspect who is the former Chief Financial Officer and now acting Municipal Manager for the Greater Giyani Local Municipality, is charged with contraventions of the Municipal Finance Management Act (MFMA), corruption, and money laundering. Meanwhile, the 42-year-old, who is currently serving as the Chief Financial Officer of Giyani Municipality, faces charges related to violating the Municipal Finance Management Act.
The scale of corruption in the VBS bank has cost municipalities and our people dearly, particularly the street vendors and poor pensioners who have been robbed of their hard-earned monies and pensions while comrades and connected businessmen were living large on ill-gotten gains from the “investment”.
This culture of open looting and corruption, which has been hollowing out our state institutions must be unashamedly voted out in these upcoming elections if we want to see a prosperous South Africa.
Under an ActionSA government we will implement reforms to South Africa’s anti-money laundering (AML) regime to ensure that South Africa is no longer a safe haven for laundering the proceeds of criminal activity.
Further to this, we will increase the minimum sentence for anyone guilty of corruption in transactions exceeding R500 000 (in transaction value, not only in proceeds from corruption) to 15 years imprisonment without the possibility of a fine or parole.
These persecutions will be done under specialised anti-corruption courts to expedite the prosecution of corruption cases and establish a culture of accountability. The days of brazen criminality from public officials will come to an end under an ActionSA-led government.
ActionSA Welcomes More VBS Arrests
ActionSA welcomes the arrest of 3 suspects implicated in the VBS bank heist. The three individuals, aged 33, 42, and 64, were nabbed on early Tuesday morning in Lulekani, Giyani and Muhuya village in Thohoyandou respectively, during a raid conducted by Hawks Serious Corruption Investigation unit.
During an investigation, the Hawks revealed that the two suspects at the Giyani Municipality collectively invested R148 656 282.00 of the municipality funds into VBS Mutual Bank, with significant sums funnelled to VBS affiliated companies under the guise of “commissions.” A portion of these illicit funds was laundered through multiple bank accounts, including that of the third suspect.
The 64-year-old suspect who is the former Chief Financial Officer and now acting Municipal Manager for the Greater Giyani Local Municipality, is charged with contraventions of the Municipal Finance Management Act (MFMA), corruption, and money laundering. Meanwhile, the 42-year-old, who is currently serving as the Chief Financial Officer of Giyani Municipality, faces charges related to violating the Municipal Finance Management Act.
The scale of corruption in the VBS bank has cost municipalities and our people dearly, particularly the street vendors and poor pensioners who have been robbed of their hard-earned monies and pensions while comrades and connected businessmen were living large on ill-gotten gains from the “investment”.
This culture of open looting and corruption, which has been hollowing out our state institutions must be unashamedly voted out in these upcoming elections if we want to see a prosperous South Africa.
Under an ActionSA government we will implement reforms to South Africa’s anti-money laundering (AML) regime to ensure that South Africa is no longer a safe haven for laundering the proceeds of criminal activity.
Further to this, we will increase the minimum sentence for anyone guilty of corruption in transactions exceeding R500 000 (in transaction value, not only in proceeds from corruption) to 15 years imprisonment without the possibility of a fine or parole.
These persecutions will be done under specialised anti-corruption courts to expedite the prosecution of corruption cases and establish a culture of accountability. The days of brazen criminality from public officials will come to an end under an ActionSA-led government.