Alleged VBS looters plead poverty, but get bail

Seven men accused of stealing R2.2bn from VBS Mutual Bank, in one of the country's biggest and most publicised looting scandals, have each been granted R100 000 bail despite pleading that they couldn’t afford it. They appeared in the Palm Ridge Regional Court last week, where they faced 47 charges of fraud, theft, money laundering, corruption and racketeering, notes a News24 report. They told the court that they were innocent and each of them pleaded not guilty to the multiple charges against them. Magistrate Brian Nemavhidi warned them to hand over their passports to the police before 26 June. The seven accused are expected back in the dock on 8 October where they will receive a High Court trial date. The eighth accused, former VBS chief financial officer Philip Truter, did not appear in court because he was in quarantine due to Covid-19. According to a report in The Citizen, Nemavhidi accused the alleged looters of trying to ‘stretch the hand of the court’ by claiming that they were poor or unemployed and couldn’t afford the R100 000 bail. ‘The accused pleaded poverty before this court, informing the court that the quantum of bail should not be seen as a punitive measure or a deterrent. It should be an amount which will secure their attendance at court,’ he said, in handing down his decision. 'I believe the applicants are trying to stretch the hand of this court.’ According to TimesLIVE, the state has lined up 42 witnesses.

Indictment

– TimesLIVE

Full report in The Witness

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