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VBS Bank was placed under guardianship at the beginning of the year, as a result of allegations of mismanagement and fraud.
The leaders of the bank have looted more than 1.5 billion rand.
AD Adriana Randall says the charges will be brought against the bank's majority shareholder, Vele Investments, in Sandton.
"We have since learned that they have lived high life with banking executives," says Randall.
Venda King Toni Mphephu Ramabulana accused executives of leaving him a monthly bill of R4040 after allegedly using his name to get money from the bank.
Randall believes that leaders must take responsibility for any mismanagement and fraud
"It's serious, you can not do that to your people if you're in government."
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