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TimesLIVE reports that three former municipal executives in Gauteng are expected to appear in court on Tuesday following their arrests in regard to the VBS Mutual Bank (VBS) scandal.
A Hawks spokesperson said the trio, who were arrested on Monday, were: a 60-year-old former municipal manager in West Rand district municipality; a 37-year-old former chief financial officer from the same municipality; and a 34-year-old acting municipal manager from Merafong local municipality, who had formerly been a manager in West Rand district municipality. The arrests were based on the ongoing investigation of maladministration and corruption in the looting of VBS Mutual Bank. The trio will appear in the Pretoria specialised commercial crimes court. Their charges relate to investments into VBS Mutual Bank, which was done in contravention of the Municipal Finance Management Act. A total of 20 municipalities deposited some R3.7bn, of which R2.2bn has been repaid. Some of the lost R67m was allegedly paid as brokerage commissions to entities and individuals to attract more deposits, mainly from municipalities. The Hawks investigation has revealed that VBS employees, municipal executives and other officials received gratifications for the investments made.
- Read the full original of the report in the above regard by Sipokazi Fokazi at TimesLIVE
- Read too, Ex-West Rand municipality execs arrested over VBS bank corruption, at The Citizen
Get other news reports at the SA Labour News home page