VBS fraud: ANC official demands retraction of claims, apology

Danny Msiza has set a deadline of Monday afternoon for the retraction and is also demanding an apology.

Picture: VBS Mutual Bank Facebook page.

JOHANNESBURG - African National Congress (ANC) Limpopo Treasurer Danny Msiza is challenging Advocate Terry Motau's VBS bank ‘heist’ report, demanding a retraction of allegations that he took part in the R2 billion looting.

Msiza has set a deadline of Monday afternoon for the retraction and is also demanding an apology.

He says it was unreasonable of Motau to release a report without giving those implicated an opportunity to refute the claims.

Msiza has been implicated as a Kingpin who played a role by ensuring municipalities make illegal deposits with the bank.


At the same time, Economic Freedom Fighters Deputy President Floyd Shivambu’s brother Brian is also taking the report on legal review at the High Court.

Brian's lawyer Victor Nkwashu says his client was not given the opportunity to explain his relationship with VBS Mutual Bank before the release of the bank ‘heist’ report.

Brian is implicated in the report released by the South African Reserve Bank on Wednesday, containing details of how R2 billion was looted from the embattled bank by 50 individuals and organisations.

The accusation against Brian has led to questions about his brother Floyd and whether he received any part of the R16 million that Brian benefitted from VBS.

Floyd has denied that he had any involvement in the scandal.

Nkweshu says his client's constitutional rights have been violated.

“If the commissioner or the investigator took the trouble to contact our client and afford him the opportunity to come and state his side, he would’ve found that there is no business link between Floyd vis-à-vis our client’s company Sgameka Projects.”

Below are names of people named in the report:

Vele and its associates R936 669 111 – majority shareholder in VBS

Tshifhiwa Matodzi R325 896 831 – chairman of VBS and Vele

Free State Development Corporation R104 130 932

Kabelo Matsepe R35 400 105 – former Limpopo ANCYL leader/director: Moshate Investment Group

Sipho Malaba R33 978 379 – former KPMG partner

Phophi Mukhodobwane R30 572 296 – VBS general head of treasury and capital management

Paul Makhavu R30 461 788 – attorney, Venda king’s advisor

Robert Madzonga R30 372 282 – Vele investments chief executive

Andile Ramavhunga R28 925 934 – VBS chief executive

Solly Maposa R24 441 877 – VBS retail managing director

Ralliom Razwinane R24 224 198 – director, Gundo Wealth Solutions/ANC connected

Firmanox R17 748 384

The Venda king, Toni Mphephu R17 729 758 – Venda King

Ndivhuwo Khangale R16 830 091 – VBS / Vele spokesperson

Sechaba Serote R16 653 458 - businessman

Ernest Nesane R16 646 086 – former PIC head of legal

Brian Shivambu R16 148 569 – allegedly EFF Floyd Shivambu’s brother

Paul Magula R14 818 098 – former PIC head of risk and compliance

Charl Cilliers R12 683 947 – CA, Insure Group chief executive

Tiisang Private Capital R12 489 230

Maanda Manyatshe R11 279 242 – Vele Investments chairman, former MTN boss

Sasa Nemabubuni R9 169 288 – VBS sales general manager

Sabicorp R8 453 585

Avashoni Ramikosi R5 972 288 – VBS non-executive director / former SAPS CFO

Takalani Mmbi R4 404 178 – Brilliantel finance and admin manager

Phillip Tshililo R2 039 990 – Matodzi personal assistant.

(Edited by Winnie Theletsane)