PRETORIA – A 64-year-old suspect is set to appear in the Pretoria Specialised Commercial Crime Court today facing charges of contravention of the Municipality Finance Management Act 56 of 2003 in the ongoing investigation linked to the VBS Mutual Bank.
The suspect who was arrested this morning, was employed at Merafong Local Municipality as Manager: Budget and Treasury until his retirement. The investigations revealed that over R50 million was invested with VBS Mutual Bank at the time when he was acting as the Chief Financial Officer (CFO) at the Municipality.
Merafong Local Municipality is one of the twenty (20) other municipalities that invested municipal funds with VBS in contravention of the law.
“I have indicated that the investigations on the municipalities are at an advanced stage. This is the beginning and all the other cases are receiving the necessary attention” said the National Head of the Directorate for Priority Crime Investigation Dr Godfrey Lebeya.

Source: South African Police Service