All seven arrested in connection with the collapse of VBS Mutual Bank have been able to pay the R100,000 bail set by the court.
The National Prosecuting Authority confirmed that, as of the end of business on Friday, all seven of the accused had paid bail.
The Palm Ridge regional court last week granted the group, which includes the bank’s top executives, bail of R100,000 each, despite some of the accused pleading poverty. VBS Mutual Bank CFO Paul Truter was not in court as he is in Covid-19 quarantine. He will be added to the indictment this week.The group is facing a combined 47 counts, including for racketeering, theft, fraud, corruption and money laundering.
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