VBS sequestration saga to be heard next week

2018-07-24 12:04
Chairman of VBS Mutual Bank Tshifhiwa Matodzi (Photo: File, Gallo Images / Sowetan / Mduduzi Ndzingi)

Chairman of VBS Mutual Bank Tshifhiwa Matodzi (Photo: File, Gallo Images / Sowetan / Mduduzi Ndzingi)

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A provisional sequestration application lodged against Robert Madzonga, VBS Mutual Bank's previous chief operations officer and the group executive officer of its main shareholder, is expected to be heard in the South Gauteng High Court in Johannesburg in a week.

The application was initially set down for Tuesday but it was rolled over to July 31.

VBS Mutual Bank is at the centre of a massive and ongoing fraud saga.

READ: Fake clients, suitcase of cash and a chopper - how VBS allegedly dealt with 'R1.5bn fraud'

At least R1.5bn was allegedly looted from it and used by executives who bought luxury vehicles, among other items.

Vele Investments also allegedly benefited from the fraud and an application by VBS to have Vele finally wound up is expected to go ahead.

Madzonga is the bank's previous chief operations officer and he is the group chief executive officer of Vele Investments.

READ: VBS 101 - from the masterminds to the mass fraud

On March 11, VBS was placed under curatorship, and SizweNtsalubaGobodo Advisory Services (Proprietary) Limited, represented by Anoosh Rooplal, was appointed to deal with this.

Provisional sequestrations are also expected to be brought against Tshifiwa Matodzi, the former chair of VBS's board of directors and the director and chairman of Vele; Malusi Ramavhunga, VBS's chief executive officer; Phillip Truter, the bank's chief financial officer; and Phophi Mukhodobwane, VBS's general head of treasury and capital management.

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Read more on:    vbs  |  johannesburg  |  corruption

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