Ex-VBS Bank chair pleads guilty, gets 15 years

Image source: Kindel Media from Pexels

Matodzi was sentenced in the Pretoria High Court aftering entering a plea agreement with the NPA in terms of section 105A of the Criminal Procedure Act. His offences led to the demise of VBS under his tenure, which included a loss of more than R2.2bn through unlawful activities.
 

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The sentence agreement forms part of an ongoing broader prosecution strategy to ensure accountability for all involved in the looting of VBS. A key consideration was that Matodzi cooperated fully with the investigation and prosecution team.

The pre-trial hearing of the VBS matter will start on 22 July 2024 in the Pretoria High Court.