JOHANNESBURG - Senior counsel for the beleaguered Robert Madzonga, former chief operations officer at VBS Mutual bank, on Wednesday told the high court in Johannesburg that his client was not implicated in the R1.5bn which was plundered from the institution.
Jonathan Blou was arguing during an application to have Madzonga's estate provisionally sequestrated.
Blou said the main witness, Phophi Mukhodobwane, VBS’s general head of treasury and capital management, did not implicate Madzonga in his affidavit.
In his affidavit, Mukhodobwane provided shocking allegations of how he and his colleagues allegedly stole depositors’ money. He also provided evidence of the support network built to keep money flowing into the bank.
According to curator Anoosh Rooplal, Mukhodobwane's testimony revealed how VBS executives paid themselves hefty bonuses which they used to fund their lavish lifestyles, purchase immovable property, buy high-end motor vehicles, and take up shares in other entities.
On Tuesday, provisional sequestration orders were granted against Tshifiwa Matodzi, the former chair of VBS’s board of directors and also the director and chairman of Vele Investments, as well as Phillip Truter, the bank's chief financial officer, and Mukhodobwane.