A third CFO arrested in connection with the VBS Mutual Bank heist
Merafong Municipality acting CFO Thys Wienekus plans to turn state witness following arrest.
Merafong Municipality acting CFO Thys Wienekus has been arrested for his alleged role in the municipality investing and losing millions of rand in the VBS Mutual Bank heist.
On the morning of 25 June, he was arrested and charged with contravention of section 173(3) of the Municipal Finance Management Act when he made an alleged illegal investment of R50 million in VBS Mutual Bank.
In terms of the act, he has been charged with gross negligence that is unbecoming of his senior managerial position as acting CFO.
Wienekus’s arrest follows the first eight arrests of officials who were involved.
Read more: Two CFOs among those arrested for VBS theft
Daily Maverick reports that Wienekus plans to turn state witness and assist the court in understanding the matter. If the court finds him to have been helpful, open and transparent, he may be granted a lesser sentence.