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Authorities arrested trio suspects, aged 39-57 at their residences in Pretoria for their links to VBS Mutual Bank.
Suspects are 57-year-old former Municipal Manager of Fetakgomo-Greater Tubatse Municipality; 39-year-old former Chief Financial Officer; and 41-years-old private business owner.
Allegations in this matter were reported and opened for the contravention of the Municipal Finance Management Act, 2003 (Act No. 56 of 2003) for investing municipal funds with VBS Mutual Bank.
Investigation revealed that Fetakgomo-Greater Tubatse Local Municipality invested R230 million, paid in five trenches from 15 November 2016 to 19 February 2018.
The whole amount invested never paid back to the municipality.
The three will appear before Pretoria Specialised Commercial Crimes Court on Wednesday, 17 November 2021, on Contravention charges of section 173 of the Municipal Finance Management Act, 2003 (Act No. 56 of 2003); corruption; and money laundering.
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