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Holomisa calls for Hawks probe into corruption at VBS Mutual Bank

It’s been reported that funds were wasted due to money allegedly given to Vhavenda King Toni Mphephu Ramabulana and other executives in support of their extravagant living.

The VBS Mutual Bank logo. Picture: vbsmutualbank.co.za

JOHANNESBURG – Concerns have been raised about who else may be involved in corruption at VBS Mutual Bank after it emerged that it lost almost R1.5 billion worth of funds.

It’s been reported that funds were wasted due to money allegedly given to Vhavenda King Toni Mphephu Ramabulana and other executives in support of their extravagant living.

The City Press reported that bank statements illustrate how the Venda king, the bank's former chairperson and Vele Investments founder Tshifhiwa Matodzi and former Vele chief executive, Robert Madzonga, allegedly squandered millions of rands belonging to depositors to finance their lifestyles.

VBS was placed under curatorship by the Reserve Bank earlier this year, after it was be unable to pay depositors their money.

United Democratic Movement (UDM) leader Bantu Holomisa says there is clearly a number of scandals at VBS Mutual Bank, including the decision by the Public Investment Corporation (PIC) to invest in the bank.

“How many of these leaders have been implicated that they’re lining up their businesses to get money from PIC?”

Holomisa says it's time for the Hawks to investigate this matter.

The UDM leader says several letters have been written to President Cyril Ramaphosa requesting that he extend the powers of the state capture commission of inquiry to investigate the alleged corruption at the PIC but no action has yet been taken.

Meanwhile, the Sunday Times says that Ramabulana has accused senior VBS executives of using his name to get money from the bank and telling him that cars and other luxury assets bought on the bank's bill were gifts.

Ramabulana will reportedly lay a fraud and corruption complaint against the execs.

(Edited by Leeto M Khoza)