South African police have arrested a ninth suspect on Thursday in connection with the VBS Mutual Bank Scandal.
A retired Merafong Local Municipality manager is set to appear before the Pretoria Specialised Commercial Crimes Court.
The 64-year-old was arrested on Thursday morning after investigations revealed that over R50 million was deposited from the municipality’s coffers and into the VBS Mutual Bank.
At the time of the alleged transaction, he was the acting Chief Financial Officer at the municipality.
This municipality is one of 20 that invested municipal funds with VBS.
Hawks National Head, Dr Godfrey Lebeya says investigations on the municipalities are at an advanced stage.
Earlier this month seven of the eight suspects were granted bail of R100 000.
An eight suspect was in quarantine due to Covid-19.
The VBS matter was postponed to the 8th of October.
