top of page
  • insta – 2
  • insta
  • insta – 1

Related

Mastermind of South Africa's $130m Bank Scandal Jailed

profile photo.webp

Thursday, July 11, 2024

Tshifhiwa Matodzi, former chairperson of VBS Mutual Bank, sentenced to 15 years for orchestrating massive corruption scheme

VBS MUTUAL BANK

A South African court has sentenced Tshifhiwa Matodzi, the mastermind behind a $130m banking scandal, to 15 years in prison. Matodzi, the former chairperson of VBS Mutual Bank, pleaded guilty to 33 counts, including corruption, theft, fraud, money laundering, and racketeering. Despite receiving a cumulative sentence of 495 years, he will serve 15 years as the sentences run concurrently.


VBS Mutual Bank collapsed in 2018 after years of looting that defrauded ordinary South Africans from rural villages to government circles. Dubbed "the great bank heist," the scandal involved bribing local officials to divert municipal budgets into VBS's coffers in exchange for cash and gifts.


The bank's transformation into a slush fund for corrupt politicians and business cronies was revealed when South Africa's central bank took control and launched an investigation.


Matodzi, with support from a team of accountants and lawyers, orchestrated the scheme through a network of shell companies and subcontractors. While numerous arrests have been made, only Matodzi and former VBS chief financial officer Phillip Truter have been convicted and sentenced.

South Africa's elite Hawks police unit continues to pursue other suspects involved in the VBS case.

Read Related News Article

Latest News 

How to Play and Win SA Lotto: Everything South Africans Must Know

Ready to win big? Here’s your complete guide on how to play & win SA Lotto in South Africa

Niger-Benin Border Standoff Deepens, Collapses Trade and Movement

Niger-Benin Border Crisis Deepens Amid Security Disputes, Economic Strain, and Diplomatic Deadlock

President Tinubu Cancels Nigeria Democracy Day National Broadcast

Tinubu Cancels Democracy Day Broadcast for National Assembly Address Amid Growing Political Scrutiny

Burkina Faso Signs Law to Increase Sovereignty Over Gold Mining

Burkina Faso Increases Stake in Gold Mining with New Law, Signaling Shift Toward Resource Sovereignty

bottom of page