A speedy recap on those embroiled in the VBS Mutual Bank outrage.
First distributed in the Daily Maverick 168 week by week paper.
Tshifhiwa Matodzi was fingered by Terry Motau and Werksmans, in their legal report, as the head honcho in the trick that fleeced VBS. Matodzi requested and coordinated the progression of more than R325-million in VBS cash to organizations and individuals related with him. He utilized numerous fronts to conceal his job, Motau found. He led both VBS and an organization called Vele Investments, which acquired the larger part shareholding in VBS through a trick, Motau found. Matodzi baldly denied any bad behavior, yet WhatsApps and inside reports Scorpio has seen show how Matodzi requested his co-denounced to convey VBS cash to organizations and people, coordinated through a mystery WhatsApp bunch named "Dark Ops". Matodzi purchased a helicopter and a Ferrari with his VBS wealth.
Robert Madzonga (53), previous COO of VBS and CEO of Vele Investments, is a conceded lawyer with over 23 years' experience. The NPA asserts that about R34.5-million in real money and credits were piped to him through his fronts, on the guidance of Matodzi and Madzonga himself.
The core of Madzonga's guard in sequestration procedures in 2019 was that he knew nothing of the fake plan or the monetary situation of VBS or that of Vele.
He guaranteed he didn't purposely profit with the VBS extortion. The court tracked down this far-fetched.
Madzonga's morals have been addressed previously, in his job as COO of MTN. A PwC report referenced him explicitly corresponding to debasement at the cellphone goliath.
Motau tracked down that none of Madzonga's 2017-2018 pay was proclaimed to SARS.
Solly Maposa (49) is the previous VBS overseeing chief for retail, with command over some financial frameworks. The arraignment claims he got an aggregate R38.5-million in advantages, credits, and money. Some money installments were supposedly produced using Matodzi to accounts Maposa controlled. These installments were supposedly made on the guidelines of Matodzi, Ramavhunga, and Mukhodobwane.
Motau discovered Maposa assumed a significant part. He affirmed before Motau about the utilization of various financial records as "slush assets" to circulate the plunder.
Previous leader chief and CEO of VBS Andile Ramavhunga relentlessly denied his inclusion in the VBS violations. However, he got R28.9-million, which he portrayed as "consultancy expenses". Motau portrayed the proof against him as dooming. His accounts recommend Ramavhunga purchased a Land Rover, a Mercedes-Benz, and a ton of cheap food with his VBS wealth. He likewise directed millions in real money to a private record.
Alongside his co-denounced, previous VBS bank financial officer Phophi Mukhodobwane followed up on Matodzi's guidelines. Matodzi requested him to pay millions to the front organization of EFF pioneers Julius Malema and Floyd Shivambu, adding that they were "campaigning expenses" and the record was "amazingly vital". He permitted more than R30.5-million in real money and banking offices to be diverted to front organizations and individuals connected to him. He purchased another Porsche Cayenne GTS through a front organization, Lemawave (Pty) Ltd, worked by his sibling.
The state says Mukhodobwane got essentially R17-million in VBS cash. Motau found that Mukhodobwane needlessly got essentially R30-million in vehicle finance, contract bonds, and money.
Philip Truter, the bank's (CFO), was answerable for the monetary and hazard the board of VBS. Motau tracked down that, on Truter's watch, the bank was burglarized into indebtedness. About R2.7-billion in destitute individuals' stokvels and districts' cash was channeled to investors, examiners, legal advisors, lawmakers, and financial specialists, vendor Anoosh Rooplal later found. Truter went into a supplication deal with the NPA and will affirm against his co-charged in the impending R2-billion asserted extortion case.
The five fixers, the NPA claims, requested stores from different regions and state-possessed elements. They were purportedly remunerated with huge money installments and valuable or illicit credit arrangements. The most productive fixer, finance manager Kabelo Matsepe (29), is by all accounts the connection between certain regions and ANC Limpopo pioneer Danny Msiza, the arraignment states.
SARS educated Matsepe that he had supposedly sidestepped the charge deliberately and it would guarantee R61-million in neglected and undeclared expense and would demand his sequestration. The High Court decided on SARS.
Matsepe is connected to Danny Msiza, who got R35.4-million supposedly taken from VBS. Matsepe's rendition is that the cash was "commissions" for connecting districts to the bank. Things on his shopping list were a Range Rover and an R5.5-million house in Midstream Estate, Centurion.
Danny Msiza (53) utilized Matsepe as a front, the NPA charges. Msiza had a concise triumph when the High Court rejected the discoveries against him in Motau's report in light of the fact that Msiza wasn't offered the chance to offer his side of the story.
Msiza would now be able to clarify, in court, the cash streams into accounts connected to him. He had to move to one side from his situation as ANC Limpopo financier.
Ralliom Razwinane (39) connected the Free State Development Corporation, the Community Schemes Ombud Service, and regions to VBS. The NPA asserts Razwinane got about R7-million in different records as far as it matters for him in the plundering of VBS.
Takunda Edgar Mucheke (37) portrays himself as the main speculation official at TNE Advisory Services and a sanctioned bookkeeper. The NPA claims he was paid R7-million in VBS plunder; he sent R3.38-million to an organization heavily influenced by individual fixer Tshianeo Madadzhe (37). DM168
This story originally showed up in our week after week Daily Maverick 168 paper which is accessible for R25 at Pick n Pay, Exclusive Books, and air terminal book shops. For your closest stockist, kindly snap here.
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