The eight men arrested in connection with the plundering of VBS Mutual Bank face a raft of charges including money laundering, theft, fraud and corruption according to TimesLive.
The total amont of money they are accused of stealing by creating fictitious accounts is more than over R1.5 billion.
According to Timeslive, this is how much money each allegedly scored:
The indictment shows that Matodzi had control of several accounts held at VBS Mutual Bank. The accounts included: Vele investments, Petronet, Venmont, Robvet, Khavo, Scorpion, Tiisang.
Between December 2016 and February 2018 Ramavhunga, the indictment shows, received about R19 million into the account of “Dambale”, a company owned by Ramavhunga.
Other accounts, held at VBS Mutual Bank, which Ramavhunga controlled, include those of Munyai Investments and another one named in the indictment as the “Ramavhunga” account.
Ramavhunga received R3.7 million into the Munyai Investments account. The money came from the Vele and Vele Petroport accounts, the indictment shows.
Also, he received R795 000 into the Ramavhunga account from the Venmont, Vele and Petroport accounts.
Up to February 2018, Ramavhunga’s accounts had received a total of R23.4 million.
The indictment shows that Truter received R2 million into the FNB account of a company called Shangri La Investments.
On the instruction of Matodzi, Mukhodobwane received R5.6 million into the account of Lamawave Ltd.
The indictment shows that a Peter Mukhodobwane, who was the sole shareholder of Lamawave, was a front for Phophi Mukhodobwane, the former treasurer.
In total, Mukhodobwane received R17.1 million into Lamawave and the “Mukhodobwane” accounts.
The document shows that a company called Ihaawu Lesizwe, owned by Jacqueline Jaseman Malaba and Bafana Milundelwa Malaba, had the following accounts at VBS Mutual Bank: two vehicle finance accounts, a mortgage account and a classic business account.
Betanologix, another company owned by Jacqueline Jaseman Malaba and a Mwise Mapepo also had an account at VBS Mutual Bank.
Up to March 2018 both companies, which the indictment claims were fronts for Sipho Malaba, received up to R29.2 million.
Further, on Matodzi’s instruction, an amount totalling R654 000 was paid into the trust accounts of Makaula Zilwa Inc and NGL attorneys on behalf of Malaba.
The indictment shows that a company called Zanoware, owned by Alice Manye, was a front for Ramikosi. The company had received up to R750 000 from the Venmont, one of the many accounts controlled by Matodzi.
Nesane, the prosecutors will argue, received up to R1.1 million into the account of a company called Parallel Properties owned by Rudzani Ndwammbi.
Ndwammbi, prosecutors will argue, was a front for Nesane as all monies received by Parallel Properties benefited the former PIC executive.
Also, on the instruction of Matodzi, prosecutors revealed that Nesane benefited from R5.6 million which was paid into Parallel Properties from the Vele account.
The indictment shows that a company called Investar Connect Holdings, owned by a Lot Magosha, was a front for Magula.
The company was paid R2.8 million for the benefit of Magula on instruction from Matodzi.
Another company, Hekima Capital, which had an account at VBS Mutual Bank, received R3.3 million on behalf of Magula on Matodzi’s instruction.
Photo Credit: Alon Skuy, TimesLive