Seven of the eight suspects accused of looting VBS mutual bank of R2.3 billion have been granted R100 000 bail each.
Bail was granted on Thursday in the specialized commercial crimes court sitting at the Palm Ridge Magistrate’s court.
An eighth suspect is currently in quarantine due to Covid19.
The court rejected their plea for the bail amount to be reduced.
Magistrate Brian Nemavhidi stated that the accused cannot claim poverty when there are allegations that they looted billions of rands.
He ordered all the accused to pay the bail money at 4pm on Thursday or they would be detained.
The matter was then remanded to the 8th of October for further investigation.
National Prosecuting Authority spokesperson Sipho Ngwenya said they would use all mechanisms available to them to retrieve the funds looted from VBS.
In the early hours of Wednesday morning, members of the Hawks priority crimes unit conducted simultaneous search and seizure operations on 10 premises in Gauteng and Limpopo provinces.
The National Head of the Hawks, lieutenant-general Godfrey Lebeya said the arrests were the culmination of an almost two-year-long investigation into the over R2 billion looting of the bank, which had to be liquidated as a result.
He said the suspects would be charged with 47 counts that include fraud, corruption, money-laundering and racketeering.
The accused have pleaded not guilty.
