VBS accused granted bail of R100k

8 people have been arrested and are facing 47 charges for the theft of over R120-million. The Hawks and the NPA have been circling high-profile suspects for the last two years.

JOHANNESBURG - The Specialised Commercial Crimes Court has granted bail to the seven men arrested for allegedly looting R122-million from VBS Mutual Bank.

Seven suspects appeared in court on Thursday on charges related to the VBS Mutual Bank heist.

Bail was set at R100,000 for each applicant.

READ: Zuma may lose Nkandla after defaulting on VBS loan

Among those arrested, the former VBS chairperson and other board members stand accused of siphoning the millions of rands from the bank that are just a fraction of the R3-billion siphoned from the bank.

Magistrate Brian Nemavhidi denied the request from some of the accused of the bail amount to be reduced. 

The judge stated the R100,000 bail reflected the seriousness of the charges levelled against the accused.

The matter has been postponed to 8 October.


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