High court postpones trial of 14 accused of VBS Mutual Bank 'looting'

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The state has estimated the case will take two court terms.

Mmbulaheni Robert Madzonga, Kabelo John Matsepe ,Msiza, Ralliom Razwinane, Takunda Edgar Mucheke, Tshianeo Madadzhe and  Mulumisi Solomon Maposa were arrested in March this year.

They are collectively charged with 188 counts of racketeering, corruption, fraud, theft and money laundering.

They joined the other seven accused who were arrested in June last year. They are Tshifhiwa Matodzi, Andile Malusi Attwell Ramavhunga, Phophi Londolani Mukhodobwane, Sipho Nhlanhla Kelvin Malaba, Thifhelimbilu Ernest Nesane, Paulus Nditsheni Magula and Phalaphala Avhashoni Ramikosi.

They are accused of stealing about R2.3bn from VBS and doctoring financial statements.

This led to depositors losing their money.

The bank was placed under curatorship in March 2018 following a severe liquidity crisis.