VBS former boss loses another court bid to save his assets

The Supreme Court of Appeal dismissed a desperate attempt by former VBS chief executive Andile Ramavhunga and his wife, Zanele, to hang on to their assets.The Supreme Court of Appeal has dismissed an application by former VBS Bank chief executive Andile Ramavhunga and his wife, Zanele, who wanted leave to appeal a sequestration order.

Ramavhunga was placed under provisional sequestration in August 2018. The order was made final in August last year but the couple appealed it a month later.A month later, Ramavhunga approached the SCA, appealing the high court’s decision. In February this year, the SCA dismissed the application. In March, Ramavhunga filed another application, asking the SCA to reconsider its decision to dismiss his application.

Ramavhunga and other former VBS executives were arrested by the Hawks last month. They were charged with fraud, theft, money laundering and corruption in connection with more than R2bn stolen from VBS.

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