Floyd Shivambu's brother looted VBS Mutual Bank - Full List

thechamp

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What about Zweli Mkhize? Are they only targeting the small fry in the provinces?
What about him, didn't the ANC promise to pay the money it got from VBS back? I think the problem with the otherS is that they took the munipality funds and invested them in VBS, defiantly so even when they were advised not to.
 

Gordon_R

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Lots more murky details emerging: https://city-press.news24.com/News/vbs-bank-paid-for-anc-buses-to-nasrec-20181217

Motau’s answering papers reveal that the ANC’s Limpopo treasurer, Danny Msiza, who stepped down from his position last week, was allegedly involved in paying R703 500 from VBS to hire buses to transport the ANC members.

Msiza has filed an application challenging the outcome of Motau’s initial report.

“A quotation was obtained by an ANC official, Imtyaaz Mohamed, who emailed it to [Phophi] Mukhodobwane, [former VBS treasurer], copied to Msiza, requesting payment. Mukhodobwane instructed his staff at VBS to please debit Robvet and settle the attached invoice,” reads the affidavit.
 

TysonRoux

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Looks more like it catered to the dirty well connected cnuts.

What happened to the "loan" that Zupta got from them for Nkandla?

Poor South African savers ruined by bank collapse

Fear spread through poor rural communities across South Africa in November when VBS, a regional bank that catered to poorer customers, collapsed.




"As treasurer of my stokvel, I had to go to the bank almost every day to find out what is happening," said Annah Muambadzi, 65, of the panic that gripped her savings club.


Fear spread through poor rural communities across South Africa in November when VBS, a regional bank that catered to poorer customers, collapsed.

It came as Muambadzi's son was about to get married, and university fees were due for another child.
"The ladies started looking at me suspiciously thinking I had stolen the money," she said of her savings club, known as a stokvel, into which members contribute an agreed amount each month.
"It broke down the trust."

The bank was left in ruins after 53 people stole $130 million deposited by individuals like Muambadzi and her club.

One of those implicated was the brother of Floyd Shivambu, a prominent leader of the radical Economic Freedom Fighters (EFF) party which has campaigned against corruption.

VBS was founded in 1982 at the height of apartheid in the Venda homeland, an area of modern-day Limpopo province reserved by white authorities for black communities.

Its collapse, after the High Court ordered it be liquidated, became one of the most serious corruption scandals to rock post-apartheid South Africa -- largely because so many victims were poor, black and female [ANC and EFF voters].

South Africa's central bank was forced to step in and guaranteed $7,300 per retail depositor through a competing bank.

More than 17,000 people flocked to open accounts according to the rescuer, Nedbank.
But those with savings above the threshold face losing the difference.

Retired university lecturer and minority shareholder professor Elwani Khuba, 81, said she saved at the bank because it promised to guarantee her future.

"We used to get dividends... we were happy that VBS was working well," Khuba told AFP.
Now, "I'm still waiting to get my money and the value of my shares."
 

TelkomUseless

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Looks more like it catered to the dirty well connected cnuts.

What happened to the "loan" that Zupta got from them for Nkandla?

Poor South African savers ruined by bank collapse

Fear spread through poor rural communities across South Africa in November when VBS, a regional bank that catered to poorer customers, collapsed.




"As treasurer of my stokvel, I had to go to the bank almost every day to find out what is happening," said Annah Muambadzi, 65, of the panic that gripped her savings club.


Fear spread through poor rural communities across South Africa in November when VBS, a regional bank that catered to poorer customers, collapsed.

It came as Muambadzi's son was about to get married, and university fees were due for another child.
"The ladies started looking at me suspiciously thinking I had stolen the money," she said of her savings club, known as a stokvel, into which members contribute an agreed amount each month.
"It broke down the trust."

The bank was left in ruins after 53 people stole $130 million deposited by individuals like Muambadzi and her club.

One of those implicated was the brother of Floyd Shivambu, a prominent leader of the radical Economic Freedom Fighters (EFF) party which has campaigned against corruption.

VBS was founded in 1982 at the height of apartheid in the Venda homeland, an area of modern-day Limpopo province reserved by white authorities for black communities.

Its collapse, after the High Court ordered it be liquidated, became one of the most serious corruption scandals to rock post-apartheid South Africa -- largely because so many victims were poor, black and female [ANC and EFF voters].

South Africa's central bank was forced to step in and guaranteed $7,300 per retail depositor through a competing bank.

More than 17,000 people flocked to open accounts according to the rescuer, Nedbank.
But those with savings above the threshold face losing the difference.

Retired university lecturer and minority shareholder professor Elwani Khuba, 81, said she saved at the bank because it promised to guarantee her future.

"We used to get dividends... we were happy that VBS was working well," Khuba told AFP.
Now, "I'm still waiting to get my money and the value of my shares."
Give them a 2nd chance!

Said no-one.
 

Sollie

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Mulaudzi, who started saving with VBS in 1987, lost shares and cash worth $145,000, and is struggling to pay salaries and suppliers.
"It's slowed our performance," he said, adding that he had been forced to lay off half of his 26 workers.
 

Mista_Mobsta

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#JustAnotherANCSuccessStory
Wonder if they will vote for the esteemed parties responsible for placing the municipal managers involved and the ones that stole the cash right out the stokvels?
 

thechamp

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Top VBS man's mansion going under hammer

Former VBS and Vele Investments chairperson Tshifhiwa Matodzi is allegedly hiding his Ferrari super-sports car as liquidators close in on his assets, including his mansion worth R7m. The liquidators, who were appointed by the Master of the High Court, say it has not been an easy ride to recover the monies allegedly pocketed by Matodzi as he was not cooperating.

Matodzi, a trained accountant, was fingered as a central figure in the looting of the bank where up to R1.8bn of poor people's savings and monies from municipalities was stolen. Part of the liquidators' claims against Matodzi were that he was allegedly hiding some assets, including a flashy Ferrari, from them.

Sunday World can reveal that Matodzi's mansion in the glitzy Eagle Canyon golf estate in Honeydew, west of Joburg, was seized and was set to go under the hammer on Tuesday after his estate was declared insolvent by the Master of the High Court.
https://www.sowetanlive.co.za/sundayworld/news/2019-03-31-top-vbs-mans-mansion-going-under-hammer/
 

Sollie

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Apr 20, 2005
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These developments follow the successful application by VBS curator Anoosh Rooplal and Reserve Bank to sequestrate Matodzi and two other executives - CEO Andile Ramavhunga and former COO Robert Madzonga - on allegations that they unduly benefited from the VBS.

The two executives challenged the sequestrations against them, arguing that the monies they received from VBS and Vele Investments were due to them.
:X3:
 

Mista_Mobsta

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Has he been criminally charged? If he is indeed a trained accountant (CA or not) then has his membership been struck and have professional fines been levied against him? Has SARS even applied to have a lifestyle audit done on Matodzi? Does SARS have plans to criminally prosecute this chap for tax evasion if found wanting? Are the other implicated fellows under the same level of scrutiny? So many questions and so little answers...
 

ToxicBunny

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Has he been criminally charged? If he is indeed a trained accountant (CA or not) then has his membership been struck and have professional fines been levied against him? Has SARS even applied to have a lifestyle audit done on Matodzi? Does SARS have plans to criminally prosecute this chap for tax evasion if found wanting? Are the other implicated fellows under the same level of scrutiny? So many questions and so little answers...
Give the new boss a few days to settle into his chair, these things might start happening.
 

Mista_Mobsta

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Give the new boss a few days to settle into his chair, these things might start happening.
If I had to do a bit of tax evasion and under represent my income earned, I would be under SARS' audit microscope within a nano second, had they had even a sniff of my intentions.

This chap is now being sequestrated and his assets going under the hammer and SAICA and SARS (among others) are nowhere to be seen or heard from? It doesn't take a new boss @ SARS to trigger an audit. From the looks of things, there are way too many institutions that should be involved in making these VBS thieves' lives hell but aren't.

BUT let the ordinary tax payer just miss his tax deadline and check the hammer on their head!
 

thechamp

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If I had to do a bit of tax evasion and under represent my income earned, I would be under SARS' audit microscope within a nano second, had they had even a sniff of my intentions.

This chap is now being sequestrated and his assets going under the hammer and SAICA and SARS (among others) are nowhere to be seen or heard from? It doesn't take a new boss @ SARS to trigger an audit. From the looks of things, there are way too many institutions that should be involved in making these VBS thieves' lives hell but aren't.

BUT let the ordinary tax payer just miss his tax deadline and check the hammer on their head!
Slow down...
https://m.fin24.com/Companies/Finan...-vbs-board-chairperson-of-membership-20190220
 

Mista_Mobsta

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Good stuff! 1 down and several to go...

*EDIT*

Really sick and tired of people telling us normal citizens calling for accountability to "slow down" and "give it time". Majority of us average citizens do not accept mediocrity, laziness and ineptness. The more pressure we apply, the faster the trough feeders will be held to account and maybe SA will have a positive story to tell as its own citizens forced the change!
 
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Has he been criminally charged? If he is indeed a trained accountant (CA or not) then has his membership been struck and have professional fines been levied against him? Has SARS even applied to have a lifestyle audit done on Matodzi? Does SARS have plans to criminally prosecute this chap for tax evasion if found wanting? Are the other implicated fellows under the same level of scrutiny? So many questions and so little answers...
Tax affairs are secret in terms of the Tax Administration Act. One will never know unless it ends up in a higher court or it is leaked.
 

Mista_Mobsta

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Tax affairs are secret in terms of the Tax Administration Act. One will never know unless it ends up in a higher court or it is leaked.
Tell that to Michael George Burgess, Dave King, Cornelius Johannes Kriek, Thomas Bloemeris Fortuin, Nosicela Precious Tapa Ntozini etc.
 
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Tell that to Michael George Burgess, Dave King, Cornelius Johannes Kriek, Thomas Bloemeris Fortuin, Nosicela Precious Tapa Ntozini etc.
Some went to court, some were leaked, and with some you only heard the taxpayer's side. SARS however is bound by an oath of secrecy and an official disclosing confidential information in an illegal manner can get jail time.
 
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