Today's Labour News

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VBSTimesLIVE reports that the former chairperson of the defunct VBS Mutual Bank, Tshifhiwa Matodzi, has been handed a 495-year sentence for the theft, fraud, money laundering and racketeering that culminated in the collapse of the bank.

Matodzi, 47, was sentenced in the Pretoria High Court on Wednesday after he pleaded guilty to 33 charges. He was jailed for 15 years on each count, but the sentences will run concurrently. As part of a plea and sentence agreement, Matodzi admitted to being personally involved in the theft of the billions of rand from 2017 to 2018, by creating fictitious credit in VBS accounts that was then transferred to other accounts. Almost R2bn was looted in the scandal, leading to the bank’s collapse that devastated many municipalities and individual depositors, many of them elderly. Labour federation Cosatu welcomed the sentence, but expressed concern for the victims. “This [sentence] is little comfort for the thousands of pensioners, employees at VBS and defrauded municipalities, the working class and the poor who painstakingly saved every penny in the hopes they could one day reap the rewards of their financial discipline or leave some money for their grandchildren’s education,” said spokesperson Zanele Sabela.

  • Read the full original of the report in the above regard by Koena Mashale at BusinessLive
  • Read too, Former VBS Mutual Bank board chair Matodzi to serve 15 years in jail, at SowetanLive
  • And also, Court sentences former VBS boss Matodzi to 495 years but he will only serve 15 years in jail, at The Citizen

Get other news reports at the SA Labour News home page