VBS Bank Latest: Municipal manager arrested after R120m deposit
Tsakani Charlotte Ngobeni is facing corruption charges in the commercial crimes court in Johannesburg in connection with the VBS Bank scandal
Ngobenu appeared in the Palm Ridge Commercial Crimes Court in Johannesburg earlier this morning.
National Prosecuting Authority spokesperson Sipho Ngwema said the state had alleged that in October 2017 Ngobeni had deposited a sum of R120 million in funds that belonged to the municipality, into an interest-bearing fixed deposit account at VBS Mutual Bank for a period of three months.
Earlier, on 31 May 2017, the municipality had approved and adopted an “Investment and Cash Management Policy” which came into effect on 2 June 2017.
WATCH: Former ANC MP Vincent Smith may face corruption charges alone as Angelo Agrizzi remains sick
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Johannesburg â Former ANC parliamentarian Vincent Smith could, for now, face criminal charges of fraud and corruption alone due to a recurring illness of his co-accused and former Bosasa chief operating officer Angelo Agrizzi.
Agrizzi was due to appear alongside Smith in the Palm Ridge Commercial Crimes Court on Tuesday, where both men are charged with corruption.
Smith, however, faces an additional count of fraud alongside Euroblitz â a company he owns 100% shares in.
The case was postponed until May 28 to allow the State to obtain Agrizziâs full medical prognosis.
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Former Cell C executive to remain behind bars for alleged R64 million fraud Citizen reporter The Hawks allege that Mohamed Ismail Adamjee colluded with a contractor to inflate invoices.
A former executive of Cell C was on Friday remanded in custody by the Palm Ridge Commercial Crimes Court following his arrest on Wednesday for alleged fraud and corruption amounting to an estimated R64 million.
Hawks spokesperson, Captain Lloyd Ramovha, said Mohamed Ismail Adamjee, 44, was an IT exec at the mobile network provider.
“It is alleged that during the period 2012 to 2019, he colluded with a director of a contracted entity responsible for IT and network services at his workplace. They reportedly inflated invoices which resulted in an actual loss of over R64 million to Cell C.