DURBAN - Robert Madzonga, chief executive of VBS bank and the bank's biggest shareholder and Tshifhiwa Matodzi, the former chairman of VBS have allegedly looted VBS Mutual bank.
The two were just some of the people of the 53 people, implicated in a report on the bankrupt VBS Mutual bank by forensic investigator Terry Motau.
Motau was appointed by the South African Reserve Bank to investigate the bank that made illegal payments of R2 billion between 2015 and 2018. IOL reported that Matodzi received R325 million from VBS while Madzonga got R30 million.
According to the Citizen, it is alleged that the men used depositors' funds to splurge on shopping sprees, luxury clothes, sports cars, and luxury homes. Matodzi, and Madzonga allegedly took millions of rands to finance their lifestyles.
Khosi Madzonga, a woman who is thought to be Robert's wife details the pair's extravagant lifestyle in her social media posts.
Here is a look at some of the photos on Madzonga's Instagram:
Toni Mphephu Ramabulana, the Vhavenda king has also been implicated in that report for allegedly taking money from the bank.
According to the report, Ramabulana received R17.7 million from the bank.
The Vhavenda king has offered to pay back the money that he received from the Venda Building Society, if the payments are proven to be illegal. According to the VBS website, the Venda Building Society is fully blacked-owned specialist corporate finance and retail bank. The bank was established in 1982.
In a statement that was released on Monday, Ramabulana said that he received gifts from many people and views the gifts as legitimate. He said that as the king, he received grants and financial support from various people and entities.
According to Ramabulana, he considered the gifts to be legitimate and in support of the duties that he holds in relation to his Vhavenda people.
In his statement, he also said that if he received money from fraudulent sources involving VBS, he would have received the money without his knowledge.
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