[BREAKING NEWS] Hawks arrest 3 more suspects in connection with VBS Mutual Bank

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Three more people were arrested on Tuesday in connection with the investment of municipal funds with VBS Mutual Bank.

The three suspects cannot be named as they have yet to appear in court.

They are a 57-year-old former municipal manager of the Fetakgomo-Greater Tubatse Municipality, a 39-year-old former chief financial officer and a 41-year-old business owner.

© Provided by CapeTalk VBS Mutual Bank in Thohoyandou. Picture: Sethembiso Zulu/EWN

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The Fetakgomo-Greater Tubatse Local Municipality invested R230 million with VBS Mutual Bank, an amount that was never paid back.

The trio will appear at the Pretoria Specialised Commercial Crimes Court on Wednesday.

The Hawks have so far arrested 23 people in connection with VBS Mutual Bank.

Mandy Wiener interviewed Hawks spokesperson Brigadier Nomthandazo Mbambo (scroll up to listen).

They were arrested at their residences around Pretoria…

Brigadier Nomthandazo Mbambo, spokesperson – Hawks

They will appear… on charges of contravention of the Municipal Finance Management Act, corruption, and money laundering…

Brigadier Nomthandazo Mbambo, spokesperson – Hawks

We’re looking to make further arrests…

Brigadier Nomthandazo Mbambo, spokesperson – Hawks