The Latest VBS Arrest
Hawks Arrest Another Municipality CFO
The latest VBS arrest was made in Limpopo.
The law made it illegal for municipalities to invest money with VBS Mutual Bank but bribes and corruption saw many municipalities doing so for years. All the while, the bank was being looted from within.
Read More: How R1.9 Billion was stolen through VBS Bank
Now, years, after the whole corruption scandal broke, the Hawks are rounding up some of those involved. Around 27 people have already been arrested.
The latest arrest was the former CFO of the Collins Chabane Municipality in northern Limpopo in the Vhembe District.
‘the municipality illegally invested R120 million with VBS’
The Hawks say that in 2017 the municipality illegally invested R120 million with VBS. This was done at the suggestion of the CFO at the time. Thus the arrest.
The Hawks have promised even more arrests are to follow.