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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.
VBS Bank: Collins Chabane municipal manager in court for alleged corruption news24.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from news24.com Daily Mail and Mail on Sunday newspapers.