All seven arrested in connection with the collapse of VBS Mutual Bank have been able to pay the R100,000 bail set by the court.
This was after only two — the bank’s CEO, Andile Ramavhunga, and board member and former CFO of the SA Police Service Phalaphala Ramikosi — were able to pay on Thursday after appearing in court. Others arrested were the bank’s former chair Tshifhiwa Matodzi; treasurer Phophi Mukhodobwane; the former KPMG audit partner, who signed off on the bank’s allegedly falsified financial statements Sipho Malaba; and two former representatives of the Public Investment Corporation on the bank’s board, Paul Magula and Ernest Nesane.
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