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Court sets bail at R100 000 for suspects implicated in looting of VBS Bank

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The suspects face 47 charges which include; five charges of racketeering, 12 counts of theft, 7 charges of fraud, 15 charges for corruption and 7 for money laundering.

Over R2 billion was stolen from VBS Bank and the men are accused of forming part of a plan to defraud the bank. The investigation was led by Advocate Terry Motau which found that close to R2 billion was looted from the bank with the help of executives. The report titled "The Great Bank Heist" was released in October 2018.

VBS Bank was formed to be a savings facility in 1982 and saw many individuals channel their savings to the bank. This included pensioners who had their lifesaving disappear after news of the looting came to light. A total of 20 municipalities across the country had illegally invested over a billion rands to the bank, with some only able to recover a few of the funds.

 

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