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.
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
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
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)