Former Chief financial Officer arrested in connection with VBS Saga

News South Africa

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The former Chief Financial Officer at Collins Chabane Municipality was arrested on Thursday, 5 May 2022 for his alleged involvement in unlawfully and irregularly investing municipal money with VBS Mutual Bank.

It is alleged that on 23 October 2017, Collins Chabane Municipality invested R120 million with VBS in contrary to the Municipal Finance Management Act. The erstwhile Municipal Manager,  Charlotte Ngobeni has since been arrested on the same matter by the Hawks’ Serious Corruption Task Team members in March 2021 and released on R50 000-00 bail.

Brigadier Thandi Mbambo said Ngobeni will appear in court again on 9 May 2022. “The Hawks Investigations with regard to VBS cases are at an advanced stage and a total of 27 suspects have been arrested so far.”

The CFO is expected to make his first appearance in the Palm Ridge Specialized Commercial Crimes Court on Friday, 6 May 2022 for contravening the Municipal Finance Management Act.

Mbambo said more arrests are imminent.

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