South Africa

7 of 8 accused in VBS case granted R100k bail each

JOHANNESBURG - Magistrate Brian Nemavhidi has on Thursday granted bail of R100,000 to each of the seven accused in the VBS Mutual Bank scandal case.

Magistrate Nemavhidi said they couldn't claim poverty.

Should applicants not be able to raise bail by 4 pm on Thursday, they will be detained at Midrand police station.

Earlier, the seven of the eight suspects who appeared in the Palm Ridge Regional Court said they intended to plead not guilty.

In his bail application, former VBS bank chairperson and alleged mastermind, Tshifhiwa Matodzi, said he was unemployed and had no assets.

• From bank heist to arrests: A timeline of the VBS scandal

The suspects appealed to the court not to prejudice them through excessive bail amounts.

They were arrested for their role in the multi-billion rand bank heist and face charges of money laundering, fraud, theft, and racketeering.

An eighth suspect is currently under COVID-19 quarantine.

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