Pretoria – The Pretoria High Court on Wednesday sentenced the former board chairperson of VBS Mutual Bank, 47-year-old Tshifiwa Matodzi, to 15 years imprisonment for multiple counts of racketeering, theft, fraud, and money laundering.
The prison sentence was part of a plea agreement Matodzi entered into with the National Prosecuting Authority (NPA) in terms of section 105A of the Criminal Procedure Act.
Matodzi’s offences led to the demise of VBS under his tenure, which included a loss of more than R 2,2 billion through unlawful activities.
“The sentence agreement forms part of an ongoing broader prosecution strategy to ensure accountability for all involved in the looting of VBS,” explained Gauteng NPA Spokesperson Lumka Mahanjana.
“A key consideration was that Matodzi cooperated fully with the investigation and prosecution team.
“The pre-trial hearing of the VBS matter will start on 22 July 2024 in the Pretoria High Court.”
