The seven Venda Building Society Mutual Bank accused appeared briefly in the Palm Ridge Specialised Commercial Crime Court on Thursday 18 June 2020.
The accused appearance follows their arrest on 17 June 2020, by the Directorate for Priority Crime Investigation (DPCI) Serious Corruption Investigation in a simultaneous search and seizure operation at 10 premises in Gauteng and Limpopo provinces respectively.
The seven accused are facing charges including Patterns of Racketeering Activities in contravention of the Prevention of Organised Crime Act 121 of 1998, POCA, theft, fraud, corruption in contravention of the Prevention and Combatting of Corrupt Activities Act 12 of 2004, and money laundering (POCA).
Tshifhiwa Calvin Matodzi (42) Chairman of VBS Board of Directors,
Andile Malusi Attwell Ramavhunga (41) VBS CEO,
Phophi Londolani Mukhodobwane (35), Head of Treasury and Capital Management,
Sipho Nhlanhla Kelvin Malaba (47) VBS Audit Engagement Partner,
Thifhelimbilu Ernest Nesane (41) former Executive Legal Head at Public Investment Corporation (PIC),
Paulus Nnditsheni Magula (43) former Executive Head Risk Management (PIC)
And former Lieutenant General Phalaphala Avhashoni Ramikosi (46), Chairman of the Audit Committee.
The eighth suspect will appear once he has been declared fit to do so as he is under the Covid 19 quarantine at this stage.
During the arrests, the team confiscated mobile phones, laptops, tablets (i Pads), Tag Heuer Watch and a number of documentation and other items.
The DPCI has been working on this matter since the August 2018, as an inquiry and was converted into a docket in May 2019.
It investigated the conglomerate of offences with the guidance of the National Prosecuting Authority (NPA) as well the assistance of the Financial Intelligence Centre (FIC), South African Revenue Services (SARS), South African Reserve Bank (SARB) and National Treasury that culminated in these arrests.
The investigation revealed that, as at 11 March 2018, there was a general deficiency in the monies received by VBS amounting R2,2 billion.
The National Head of the Hawks, Lieutenant General Godfrey Lebeya congratulated the team and warned that no stone will be left unturned in ensuring that those responsible are brought to account.
All the accused were granted R100 000 bail each.
The case has been postponed to 8 October 2020 where air will heard in the Gauteng Local Division of the High Court held in Palm Ridge.
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