Whenever VBS are experience an earnings crisis, the guy earliest repaid the level of R18 billion to the VBS

Whenever VBS are experience an earnings crisis, the guy earliest repaid the level of R18 billion to the VBS

‘ Madzonga, in the affidavit, states he performed nothing wrong. According to him, he had been at the Vele, that’s distinct from VBS. His run claims something else. Brand new fee isn’t objectively told me. As to why pay some R3 million of difficult-earned money in an organization you may have no connection with? It occurred during the circumstances if panel away from VBS don’t find assistance from Vele. The board of your own latter also don’t handle to simply help VBS. Neither were elderly executives of Vele requested guidelines.

Why look at the troubles out-of raising that loan off R15 million so that you can conserve an entity that has been within the an economic crisis?

New inevitable conclusion is the fact that improve from R18 billion to help you VBS are an attempt to your Madzonga’s area to pay for his tracks. Unfortunately, the damage is complete already. R18 billion is diminished to settle the money crisis inside the VBS. For this reason he after had written an email in order to VBS to help you recover the newest R15 billion presumably paid off towards the VBS because of the mistake.’

Of the teaching VBS in order to credit R15 mil with the his thread membership, Mr Madzonga needed so you can fraudulently remove their loans so you can VBS by appropriating funds intended for Vele so you’re able to themselves.

From assisting VBS along with its liquidity drama, Mr Madzonga’s methods was meant to cover the fresh exchangeability drama at VBS caused by the newest deceptive scheme. It’s far fetched one Mr Mukhodobwane could have found their guidelines so you can bail out VBS regarding looming liquidity crisis and you can confided in him in the event that he was not an excellent co-culprit in the fake strategy. Madzonga are this new President out-of Vele and a manager away from Guarantee, that has been the latest part from Vele. Vele is the major shareholder from inside the Ensure and VBS. It is inexplicable as to why Mr Madzonga will be shell out his currency into the the VBS membership rather than transferring the money about Vele membership towards VBS membership in the FNB.

Vele had over R63 million within the bank membership

Mr Mukhodobwane states you to definitely Mr Matodzi instructed him so you’re able to put towards the the loan thread account away from Madzonga into the some R4.5 million, using fictitious funds from Vele. So it matter is actually repaid so you can Mr Madzonga for the . Within his answering affidavit, Mr Madzonga claims which he did not be aware of the sources off this currency. He states you to-

‘… presumably, this number of R4.5 billion makes reference to the brand new remuneration I happened to be assured of the Matodzi, and you may that i try resulted in faith was paid back for me, up on my personal strategy away from captain functioning manager so you can ceo of your own Vele Classification in .’

‘ Immediately following he acquired the newest R4.5 mil from Vele, he paid off this money while the a deposit on the price out-of R9.cuatro title loans in New Mexico million relating [to] property known as Stay Zero. 42, Bluish Hills Country Home Country Estate inside the Johannesburg. It contributed to VBS merely lending him and mortgaging the home on value of R4.9 million.

The aim evidence, but not, demonstrates Madzonga’s factor of your R4.5 million are a lay. Brand new agreement entered toward to the purchase of the brand new Bluish Hills assets has no need for in initial deposit. In fact, with regards to the arrangement, the principal loans continues to be mirrored since number of R9.4 mil. Into , VBS addressed a couple letters in order to your which can be telling. The 2 characters number his loan as number of R9.cuatro million and therefore the month-to-month money, for a period of 60 months, ‘s the level of R214 100000. not, besides pair monthly money in the level of R213 one hundred thousand, it generally does not are available one to Madzonga on a regular basis maintained the main city advanced so you can your from the VBS. Anyway, it is common result in that the transfer of the property toward their label try effected toward ount regarding R4.5 billion don’t ergo become in initial deposit to your a house currently transferred.

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