The Hawks arrested the former CFO of Collins Chabane municipality on Thursday for his alleged involvement in unlawfully and irregularly investing municipal money with VBS Mutual Bank.
“It is alleged that on October 23 2017 Collins Chabane municipality invested R120m with VBS Mutual Bank in contravention of the Municipal Finance Management Act.”
Mbambo said the suspect is expected to appear in the Palm Ridge specialised commercial crimes court on Friday. Erstwhile municipal manager Charlotte Ngobeni was arrested on the same matter by the Hawks' serious corruption task team members in March 2021 and was released on R50,000 bail.Mbambo said the Hawks investigations into VBS Mutual Bank cases are at an advanced stage and 27 suspects have been arrested so far.