Former VBS chairperson Tshifhiwa Matodzi appeared in the Gauteng High Court in Pretoria on Wednesday. (Lucky Morajane/Mthatha Express)
The man described as the kingpin behind the brazen looting of more than R2.2 billion from the VBS Mutual Bank has pleaded guilty to 33 charges including theft, fraud, money laundering and racketeering.
Former VBS chairperson Tshifhiwa Matodzi appeared in the Gauteng High Court in Pretoria on Wednesday, where he pleaded guilty as part of a plea and sentence agreement, which the State said it was satisfied with.
He pleaded guilty to stealing R250 million from the bank, by creating fictitious credits for different bank accounts.
More to follow.
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