On 5 July, News 24 reported that a further senior executive suspect in the VBS Mutual Bank looting case has been arrested. 7 accused have already appeared in court for allegedly stealing R2.2 billion (approximately $130 million) from VBS Mutual Bank. They include Among the accused are former VBS chairperson Tshifhiwa Matodzi, described as the alleged “kingpin” of the scheme, CEO Andile Ramavhunga, former treasurer Phophi Mukhodobwane, and former non-executive board members, Ernest Nesane and Paul Magula. The others are former KPMG engagement partner Sipho Malaba, and Phalaphala Avhashoni Ramikosi, the former CFO of the South African Police Service.
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