A former manager at the Merafong municipality was arrested on Thursday in connection with R50m that was invested with VBS Mutual Bank.
The 64-year-old suspect was scheduled to appear in the Pretoria Specialised Commercial Crime Court on charges of contravening the Municipal Finance Management Act linked to the ongoing probe into the saga.
“The suspect, who was arrested this morning, was employed at Merafong local municipality ... until his retirement. The investigations revealed that more than R50m was invested with VBS Mutual Bank at the time when he was acting as the CFO at the municipality,” Hawks spokesperson Col Katlego Mogale said.
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