MASTERMIND IN VBS MUTUAL BANK COLLAPSE GETS 495 YEARS IMPRISONMENT
PRETORIA: The Directorate for Priority Crime Investigation (DPCI) welcomed the conclusion of the case against Mr Tshifiwa Matodzi (47), former chairperson of the defunct VBS Mutual Bank Board. Mr Matodzi, the primary accused in the case which involved severe offences including corruption, theft, fraud, money laundering, and a pattern of racketeering activities that culminated in the downfall of VBS Mutual Bank.
Upon realisation that the investigation team within Serious Corruption Investigation had done due diligence, pleaded guilty and entered into a plea agreement with the State.
Mr Matodzi has pleaded guilty to 33 counts which include corruption, theft, fraud, money laundering, and a pattern of racketeering activities in contravention of the Prevetion of Organised Crime Act. Matodzi was sentenced to 15 years on each count.
Although the combined sentence amounts to 495 years, the court has ordered that the sentences for counts 2 to 33 run concurrently with count 1. Consequently, Mr Matodzi will serve an effective 15 years imprisonment. He was also declared unfit to possess a firearm.
This outcome underscores the commitment of the DPCI and the justice system to holding individuals accountable for their actions, particularly those that significantly harm the financial sector and public trust. The DPCI remains steadfast in its pursuit of justice and ensuring that such offences do not go unpunished.
The National Head of the DPCI, Lieutenant General Lebeya, has extended his heartfelt congratulations to the dedicated investigation team and the prosecutors who worked tirelessly on this case. “This conviction is a testament to the unwavering commitment and exceptional skills of our team. We have always maintained that we will leave no stone unturned in our pursuit of justice and this outcome reinforces our resolve. Let this serve as a stern warning to those who believe they can escape the long arm of the law. The DPCI will not relent in its mission to bring criminals to justice. We are actively pursuing other suspects in this case, and they too will face the full might of the law,” said Lieutenant General Lebeya.
The DPCI remains steadfast in its dedication to protecting the integrity of our nation and ensuring that justice prevails.
