ANC bosses to meet with Limpopo leadership over VBS Bank scandal

Two senior office bearers in the province are named in a Reserve Bank report as having benefitted from the nearly R2 billion that was looted from the bank.

VBS Mutual Bank logo. Image: Supplied

JOHANNESBURG - The African National Congress’ (ANC) top leaders are to meet with Limpopo party officials to discuss the VBS Mutual Bank scandal.

Two senior office bearers in the province are named in a South African Reserve Bank (Sarb) report as having benefited from the nearly R2 billion that was looted from the bank.

Provincial treasurer Danny Msiza has denied any wrongdoing and has demanded a retraction and apology from Advocate Terry Motau who led the investigation into the bank's meltdown.

ANC officials in Limpopo are expected to explain how municipalities invested millions of rand with VBS Mutual Bank under their watch.

All party leaders implicated in Advocate Motau’s report will be interviewed by the ANC integrity commission.
The report recommended that criminal proceedings be implemented against the over 50 individuals and companies who signed-off on the bank's financials.

The Hawks have also confirmed that it is looking into the allegations and arrests will be made soon.

Below are the 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 Shimoney Regter)