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Case of municipal manager who got luxury gifts for depositing public funds in VBS will go to trial 6 May 2021 PALM RIDGE, SOUTH AFRICA - MARCH 12: Limpopo municipality suspended manager Charlotte Ngobeni appears at the Palm Ridge Magistrate Court on March 12, 2021 in Palm Ridge, South Africa. It is reported that Ngobeni was accused of playing a significant role in investing over R120 million in the VBS Mutual Bank. (Photo by OJ Koloti/Gallo Images via Getty Images) The municipal manager in Limpopo, who allegedly received luxury holidays, wristwatches and beauty treatments for depositing R120-million of public funds in VBS Mutual Bank, is heading to trial. ....
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. ....