Luxurious home of ex-VBS chair auctioned off for R5m

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Former chairperson of the defunct VBS mutual bank's luxurious home in Honeydew in the west of Johannesburg has been auctioned off for R5m.
Former chairperson of the defunct VBS mutual bank's luxurious home in Honeydew in the west of Johannesburg has been auctioned off for R5m.
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Going once, twice, and its sold at R5m!

The luxurious Honeydew home of the ex-chairperson of defunct VBS Mutual Bank has been auctioned off.

Tshifiwa Matodzi's four-bedroomed home went under the hammer on Tuesday.

READ: UPDATE: Court orders VBS Bank to be liquidated

Matodzi's double-storey residential dwelling was previously on the market for R5.9m, with its value standing at R5.4m

Auction administrator from Michael James Organisation, Sabine Schneider, confirmed the sale to News24, and said "there is a 14-day confirmation period" for the successful bidder to finalise the purchase.

"We had 11 registered bidders, all who complied with the FICA requirements," Schneider added.

READ MORE: Ex-VBS bosses fail to pitch for disciplinary hearing

The sale of the house is yet another blow for Matodzi, after the South African Institute of Chartered Accountants announced in February that its disciplinary committee had ordered him to be stripped of his registration.

The decision means that he won't be recognised as a chartered accountant.

Matodzi's name was prominently mentioned in a damning report, commissioned by the SA Reserve Bank, into allegations of corruption into the bank. 

The "Great Bank Heist" report, released last year by advocate Terry Motau, detailed how executives at the bank, including Matodzi misappropriated funds, contributing to its downfall.

Almost R2bn was looted from the bank, according to the report, with officials using the money of depositors to splurge on personal luxuries.

Several municipalities made large deposits into the bank, which was contrary to regulations prohibiting the investment of public funds in mutual banks.

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