File photo.

CAPE TOWN – South African Institute of Chartered Accountants (Saica) on Monday announced that it had ordered the cancellation of the membership of Tshifhiwa Matodzi, the former chairperson of the board of VBS Mutual Bank.

The accountants’ body said in a statement: “Saica hereby informs all stakeholders that the hearing in respect of Mr Tshifhiwa Matodzi, the former chairperson of the board of VBS Mutual Bank, was concluded on February 19, 2019. 

“The disciplinary committee has ordered the cancellation of Mr Matodzi's membership from Saica in terms of Saica By-law 30.2. For the disciplinary committee to consider the application of SAICA By-law 30.2 in light of the provisional sequestration order of the member.”

Saica also confirmed that the sequestration matter of Andile Ramavhunga, former chief executive of VBS Mutual Bank, would proceed in April 2019, the actual date of which would be confirmed be confirmed in due course. 

Matodzi was a founder and chairperson of Vele Investments and was identified as the kingpin and the biggest beneficiary of the alleged fraud and corruption after he secured R325million from VBS.

This was according to the report by the SA Reserve Bank’s Prudential Authority compiled by advocate Terry Motau, which revealed that they were among 53 people who received gratuitous payments since 2015.

Saica, South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes.