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Khosi Madzonga, the estranged wife of embattled former Vele Investments CEO Robert Madzonga, has reportedly accused him of stashing millions from the bankrupted VBS Mutual Bank.
ANC treasurer general Paul Mashatile has entered the fray in the debate relating to large-scale looting at VBS Mutual Bank, admitting that the party received R2m from the now collapsed bank.
Andile Ramavhunga claims ignorance of the fraudulently extracted R1.5 billion, though he does not deny it happened.
The case of VBS is complex and still unfolding. Here is a breakdown of what the bank was intended to be, the alleged fraud that occurred, and key figures said to be involved.
While the SACP has denied claims that Vele Investments paid R3m to the Birchwood Hotel for the party's national congress last year, it says it can't say how it paid for the venue just yet as it is still considering its legal options.
National Treasury director general Dondo Mogajane was invited to the private home of Vele Investments executive chair Tshifhiwa Motodzi before the collapse of VBS Mutual Bank, Sunday Times reported on Sunday.
Public Investment Corporation executives Paul Magula and Ernest Nesane both allegedly received monthly payments from Vele Investments for over a year, totalling around R5m each.
A power struggle between two central figures in Vele Investments, the company which may have become beleaguered VBS Mutual Bank’s majority shareholder through fraudulent means, has led to claims that one has illegally fired the other.
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