JOHANNESBURG - Former VBS Mutual Bank chief operations officer tried to solve the liquidation problem at the bank by using cover up methods and fraud, the High Court in Johannesburg heard on Wednesday.
Senior council, Michael Antonie, for the curator in the VBS Mutual Bank matter, said Robert Madzonga paid R18 million into the bank's account on February 16 and 17.
The payments were made in the month before VBS was placed under curatorship.
Antonie made his arguments during an application to try and have the estate of Madzonga provisionally sequestrated.
He questioned why Madzonga was solving a bank liquidity crisis in his personal capacity while Vele Investment holding was the major shareholder and could have dealt with it.