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Ex-VBS Bank chair pleads guilty, gets 15 years

11 Jul 2024

Tshifiwa Matodzi, former chairperson of the VBS Mutual Bank board, has been sentenced to 15 years imprisonment for 33 counts of racketeering, theft, fraud and money laundering.

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.