Former president of Banco Mutuo VBS sentenced to 495 years

JOHANNESBURG – Former VBS Mutual Bank chairman Tshifiwa Matodzi has been sentenced to 495 years in prison.

This is for his role in the collapse of the financial institution.

Matodzi was arrested in 2020 following an investigation into the looting of billions of dollars from the now-defunct bank.

The 47-year-old pleaded guilty to 33 counts of corruption, theft, fraud, money laundering and racketeering after reaching a plea deal with the state.

He was sentenced to 15 years for each charge.

The court ordered that the sentences be served simultaneously, meaning he will only serve 15 years in prison.

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