Open Questions: VBS Mutual Bank / Julius Malema

1. Malema prosecution trajectory: Now that Matodzi has become a state witness under his Section 105A plea deal, will the NPA use his testimony to bring charges against Malema and Floyd Shivambu? What is the current NPA position on this?

   Status: Unresolved as of April 2026. No public indication from NPA that Malema or Shivambu are currently targets. NPA declined to prosecute as of October 2024 on all Phala Phala matters; pattern of inaction on high-profile politicians. Matodzi’s deal requires cooperation as state witness — his affidavit is now on the record. Whether this translates into a prosecution is unknown.

2. Danny Msiza and Kabelo Matsepe trial outcome: These are the most politically significant remaining VBS trials (Msiza = ANC Limpopo treasurer-general; Matsepe = ANCYL Limpopo leader; both received tens of millions). The trial was postponed to February 2026 after an August 2024 High Court separation ruling. What is the current status?

   Status: Unresolved as of April 2026. NPA was appealing the August 2024 separation ruling to the SCA. Postponed to February 2026 — no outcome known as of research cutoff.

3. Asset recovery gap: Only ~R700m (~25.6%) of the R1.894bn looted has been recovered as of February 2025. Where did the remainder go, and what recovery mechanisms remain active? Are there civil recovery actions against Malema’s Sandton property or Brian Shivambu’s dissolved companies?

   Status: Unresolved. SARS liquidation of Brian Shivambu’s companies is underway (R28.2m demanded). No public civil recovery action against Malema’s property has been reported. The bulk of the unrecovered funds are associated with Matodzi-linked structures and municipal facilitation payments.