By Kaya 959 Reporter
The state has wrapped up its investigations into the VBS Mutual Bank saga.
The Molopo Magistrates’ Court has postponed the case against former Mahikeng municipal manager, Thabo Isaac Mokoena (61).
The NPA says proceedings will resume on 15 February 2022 to allow the defence team to get instructions from Mokoena.
“The state confirmed the completion of investigations into the matter and also declared a disclosure,” says North West NPA spokesperson Henry Mamothame.
Mamothame says the defence team will be provided with the full contents of the docket electronically. This will allow them time to prepare for trial.
“Should there be no other issues between the state and the defence team, an indictment will be prepared to move the case to a higher court for trial,” Mamothame adds.
Mokoena’s court appearance is in relation to charges of contravention of the Municipal Finance Management Act (MFMA). The charges also relate to the Prevention and Combating of Corrupt Activities Act.
“These charges are linked to over R92 million the municipality invested in the VBS Mutual bank during the period of August 2017 until December 2017,” Mamothame says.
She says the investment was made under Mokoena’s leadership as the accounting officer of the municipality.
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Mokoena’s R50 000 bail extended
In accordance with the MFMA stipulations, this investment was irregular and is prohibited, says Mamothame.
Mokoena is also alleged to have received gratification in the form of credit facilities to purchase two expensive vehicles and a house in Klerksdorp, cumulatively amounting to R1 275 318. 96.
“Preliminary investigations by the Hawks reveal that of the R92 million that was irregularly invested with VBS Mutual Bank only R7 million was paid back to the Mahikeng local municipality,” Mamothame says.
The court extended Mokoena’s R50 000 bail until his next court appearance. He surrendered his passport and he is prohibited from interfering with state witnesses.
The VBS Bank saga came to light in 2018 after it was declared insolvent, bankrupt and placed under curatorship.
The VBS Bank was formed in 1982, and had around 30 000 depositors with a deposit total of around R800 million. It had a largely Limpopo-based client list.



