Three appear over R150m investment in VBS
Two former officials of a Limpopo municipality and a commissioning agent for VBS Mutual Bank who allegedly invested R150m of municipal funds into the mutual bank – which was never repaid – appeared in the Lebowakgomo Magistrate's Court this week.
A TimesLIVE report says STG Financial Solutions’ director Thapelo Molathlegi (41), former Lepelle-Nkumpi municipal manager Thabo Ben Mothogoane (38) and former CFO Rosina Mangaka Ngoveni (46) are charged with contravening the Municipal Finance Management Act and corruption.
Between November and December 2017, the three allegedly authorised the unlawful investment into VBS.
The Act does not allow municipalities to bank with a mutual bank.
The case was postponed to 23 January for disclosure of the case docket and for the accused to instruct their legal representatives.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
