The former chairperson of the defunct VBS Mutual Bank and mastermind of the bank’s collapse, Tshifiwa Matodzi, has been sentenced to 495 years of direct imprisonment after pleading guilty to corruption charges. He will ultimately serve an effective 15-year prison sentence. This after the court declared that most of the sentences will run concurrently. He was also declared unfit to possess a firearm
Spokesperson of the Directorate for Priority Crime Investigation (DPCI) (Hawks), Col. Katlego Mogale, said Matodzi pleaded guilty to 33 counts. These include corruption, theft, fraud, money laundering, and a pattern of racketeering activities. All was in contravention of the Prevention of Organised Crime Act.
15 years for each of the 33 counts
Mogale said on Wednesday that the Pretoria High Court sentenced the 47-year-old Matodzi to 15 years on each of the 33 counts.
She said the court ruled that the sentences should run concurrently, and that Matodzi was declared unfit to possess a firearm.
“The [DPCI] welcomed the conclusion of the case against Mr. Tshifiwa Matodzi, 47, former chairperson of the defunct VBS Mutual Bank Board. Mr. Matodzi is the primary accused in the case, which involved severe offences including corruption, theft and fraud. [Also] money …laundering, and a pattern of racketeering activities that culminated in the downfall of VBS Mutual Bank. Upon realising that the investigation team within Serious Corruption Investigation had done due diligence, he pleaded guilty. And he entered into a plea agreement with the state.
Pleaded guilty to all 33 charges
“Mr. Matodzi has pleaded guilty to 33 counts, which include corruption, theft, fraud, money laundering. Also a pattern of racketeering activities in contravention of the Prevention of Organised Crime Act. Matodzi was sentenced to 15 years on each count.
“Although the combined sentence amounts to 495 years, the court has ordered that the sentences for counts 2 to 33 run concurrently with count 1. Consequently, Mr. Matodzi will serve an effective 15-year prison sentence. He was also declared unfit to possess a firearm,” said Mogale.
Mogale said the Hawks are committed to holding individuals accountable for their actions that erode the financial sector.
“This outcome underscores the commitment of the DPCI 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,” said Mogale.
Mogale said the national head of the Hawks, Lt. Gen. Godfrey Lebeya, expressed his satisfaction. He extended his heartfelt congratulations to the dedicated investigation team and the prosecutors who worked tirelessly on this case.
Example to all criminals and would-be criminals
“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 Lebeya.
Mogale said the Hawks “remain steadfast in their dedication to protecting the integrity of our nation and ensuring that justice prevails”.
