The man behind the collapse of VBS Mutual Bank has been sentenced to 495 years of imprisonment by the Pretoria High Court. Tshifiwa Matodzi (47), a qualified accountant, was the chairperson of the now defunct VBS board. He was sentenced to 15 years on each count. Despite the cumulative sentence totalling 495 years, the court ordered that the sentences for counts 2 to 33 be served concurrently with count one.

PLEA DEAL 

According to the Hawks, Matodzi, who is the main accused, entered into a plea agreement with the state when he realised that the investigation team within the serious corruption investigation had done due diligence. Hawks spokesperson Katlego Mohale said Matodzi pleaded guilty to 33 counts, which include corruption, theft, fraud, money laundering and a pattern of racketeering activities in contravention of the Prevention of Organised Crime Act. 

SENTENCES TO RUN CONCURRENTLY 

 "This outcome underscores the commitment of the Directorate for Priority Crime Investigation and the justice system to holding individuals accountable for their actions, particularly those that significantly harm the financial sector and public trust. The DPCI remains steadfast in its pursuit of justice and ensuring that such offences do not go unpunished," Mogale said.

Head of the Hawks Lieutenant General Lebeya congratulated the investigation team and the prosecutors who worked tirelessly on this case. "This conviction is a testament to the unwavering commitment and exceptional skills of our team. We have always maintained that we will leave no stone unturned in our pursuit of justice and this outcome reinforces our resolve. Let this serve as a stern warning to those who believe they can escape the long arm of the law. The DPCI will not relent in its mission to bring criminals to justice. We are actively pursuing other suspects in this case and they too will face the full might of the law," said Lieutenant General Lebeya.