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List of 8 top VBS arrests

The First forensic investigation into the mass looting of VBS Mutual Bank has been completed, effectively leading to the arresting and issuing of arrests to the 8 suspects.

VBS arrests

2nd ROW (from left fo right) – Mr M. Mavuso, Mr L.N Mudau, Mr P.N Truter (CFO / Company Secretary)
Mr. T. Matodzi (Chairperson), Mr M.V Nevhuhulwi, Mr M. Manwadu, Mr A.M.A Ramavhunga (CEO)

1st ROW (from left to right) – Mr M.W Muvhulawa, Mr E. Nesane, Mrs B.L Mapongwana (Dep.Chairperson), Mr P.A Ramikosi

Absent during photo — Mr P.N Magula and Mr T Ramawa


Below is a list of suspects arrested (4) and pending arrests (4). 3 of the 8 are excepted to hand themselves while 1 is on quarantine due to cover-19.

1. Tshifhiwa Matodzi

Chairman of VBS & Vele Investments (a company which obtained the majority shareholding in VBS through an alleged scam)

2. Phophi Mukhodobwane-VBS Treasurer

3. Philip Truter-VBS CFO

4. Ernest Nesane: Non-executive directors of #VBS & nominees of the PIC

5. Paul Magula

6. Sipho Malaba-KPMG auditor

7. Andile Ramavhunga-VBS CEO and executive director

8. Avhashoni Ramikosi-VBS non-executive director and chair of the bank’s audit committee lt.genl.

The suspects did not resist the arrest early this morning, 3 suspects are not yet arrested and to hand themselves in. The investigation will continue and whoever benefited will be brought to book.

Will there be more arrests? Yes, this is the first leg of arrests regarding the VBS mutual bank looting spree.

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