A former minority shareholder of VBS Mutual Bank, Robert Livhoyi, expressed his hope that the accused individuals will confess their involvement in the bank’s collapse. Four former executives, accused of engaging in irregular activities that led to the bank’s collapse, are expected to appear in the High Court in Pretoria today.
Former CEO Andile Ramavhunga, former Treasurer Phophi Mukhodobwane, and former non-executive members Ernest Nesane and Paul Magula are facing charges of fraud, corruption, money laundering, and racketeering.
Livhoyi stated, “Those who need to speak should tell the truth. As minority shareholders, we are listening to what they have to say. We will assess their statements based on our knowledge to see if it reflect the truth of what occurred.”
Two leaders of the South African Municipal Workers Union (Samwu) were killed, and it is suspected that this may be connected to their outspoken criticism of municipalities that invested public funds in the bank.
The families’ spokesperson, Lucky Mani, has urged individuals listed in the bank’s former Chairperson Tshifhiwa Matodzi’s affidavit to come forward with information.
Mani said, “To all the people listed in that case, as the individuals involved in, I don’t know what to call it, as indicated, in whatever form, my advice would be for them to free themselves by speaking the truth. This way, they can obtain their freedom. By doing so, they will be helping us and the others who have suffered. People have suffered in different ways; we lost our brother and we have been robbed.”
