Article by: Dumisane Dube
The Hawks have arrested a 59-year-old suspect in Klerksdorp in connection with the looting of the VBS Mutual Bank.
It is reported that the 59 year old suspect has allegedly looted the VBS Mutual Bank through illegal investment of funds from the Mahikeng local municipality
According to Hawks spokesperson Katlego Mogale the suspect is alleged to have received gratification in the form of credit facilities for the purchases of two high-powered vehicles and a property in Klerksdorp amounting to over R1.7 million between 2017 and 2018.
He says the suspect invested more than R90 million in taxpayers’ money.
“Of the R92 million, only R7 million was paid back to the Mahikeng municipality and R85 million was never paid back,” said Mogale
The suspect is expected to appear in the Mahikeng Regional Court on Wednesday.
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