File: VBS. eNCA
JOHANNESBURG - The former chief financial officer at Collins Chabane Municipality has been arrested.
The suspect is facing charges for his alleged involvement in unlawfully and irregularly investing municipal money with the now defunct VBS Mutual Bank.
It is alleged that on 23 October 2017, Collins Chabane Municipality invested R120 million with VBS in contrary with the Municipal Finance Management Act.
He is expected to appear in the Palm Ridge Specialised Commercial Crimes Court on Friday.
The municipal Manager, Charlotte Ngobeni has since been arrested on the same matter in last March and is currently out on a R50,000 bail.