Mahikeng Former Local Municipal Manager, Thabo Isaac Mokoena(61) was granted R50 000 bail by the Molopo Magistrate Court today, the 11th of August 2021 following his arrest on Tuesday in connection with the eventual downfall of the VBS Mutual Bank.
Preliminary investigations by the Hawks revealed that R92 million of the taxpayers was irregularly invested into VBS Mutual Bank during August 2017 to December 2017, only R7 million was paid to the Mahikeng Municipality in contravention of the Municipal Finance Management Act (MFMA) as well as the Prevention and Combating of Corrupt Activities Act.
Mokoena is alleged to have received gratification in the form of credit facilities to purchase two expensive vehicles and a house in Klerksdorp, amounting to R1 275 318,96.
His legal representative for a bail plea, Mokoena indicted that he was a farmer who only gets an income every three months; he suffers from chronic high blood pressure and ulcers.
The case was postponed to 16 November 2021 for further investigations.