VBS case against former Municipal Manager postponed
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Almost four years later after being declared insolvent and bankrupt, VBS’ alleged criminal activities are still following those who are alleged to have had a hand in defrauding people of about R 2billion.
Former Municipal Manager at Mahikeng Local Municipality Thabo Mokoena is one of the latest alleged masterminds to face the wrath of the law.
Mokoena is said to have violated Municipal Finance Management Act (MFMA) as well as the Prevention and Combating of Corrupt Activities Act after investing over R 92million with the bank (VBS).
NPA Spokesperson in the North West Henry Mamothame said that this is an act which is prohibited according to MFMA.
“By the MFMA stipulations, this investment was irregular and is prohibited. Mokoena is also alleged to have received gratification in the form of credit facilities to purchase two expensive vehicles and a house in Klerksdorp, cumulatively amounting to R1 275 318. 96.”
“Preliminary investigations by the Hawks reveal that of the R92 million that was irregularly invested with VBS Mutual Bank, only R7 million was paid back to the Mahikeng local municipality.”
The 61 years old Mokoena’s was rescheduled by Molopo Magistrates’ Court to 5 April 2022, for further consultations. The defense team requested a postponement for further consultation with Mokoena and to study the docket in preparation for trial.
“Investigations into the matter have been concluded, and the defense was provided with the full contents of the docket electronically in December 2021 to allow them time to prepare for trial” added Mamothame.
The court extended Mokoena’s R50 000 bail until his next court appearance, he has surrendered his passport and is prohibited from interfering with state witnesses.
