Former VBS Mutual Bank chair sentenced to 495 years

JOHANNESBURG - Former VBS Mutual Bank chairperson Tshifiwa Matodzi has been sentenced to 495 years in prison.

This is for his role in the collapse of the financial institution.

Matodzi was arrested in 2020 following an investigation into the looting of billions at the now-defunct bank.

The 47-year-old pleaded guilty to 33 counts of corruption, theft, fraud, money laundering, and racketeering after entering into a plea agreement with the State.

He was sentenced to 15 years on each count.

The court ordered the sentences to run concurrently, a move that will see him serving only 15 years in jail.