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VBS looting boss pleads guilty to 33 charges as part of deal

Former Summer Bible School president Tshifhiwa Matodzi appeared before the Gauteng High Court in Pretoria on Wednesday. (Lucky Morajane/Mthatha Express)

Former Summer Bible School president Tshifhiwa Matodzi appeared before the Gauteng High Court in Pretoria on Wednesday. (Lucky Morajane/Mthatha Express)

The man described as the kingpin behind the brazen looting of more than R$2.2 billion from VBS Mutual Bank has pleaded guilty to 33 charges including theft, fraud, money laundering and racketeering.

Former VBS president Tshifhiwa Matodzi appeared in the Gauteng High Court in Pretoria on Wednesday where he pleaded guilty as part of a plea and sentencing agreement, with which the State said it was satisfied.

He pleaded guilty to stealing R250 million from the bank by creating fictitious loans to different bank accounts.

More to follow.

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