The brand new Registrar away from Banks requested Mr Madzonga’s viability on as being the COO regarding VBS

The brand new Registrar away from Banks requested Mr Madzonga’s viability on as being the COO regarding VBS

Mr Madzonga was an admitted attorneys with over 23 years’ experience in the economical and you will business finance organization areas, which has the legal and you will regulatory environment. He states in the answering affidavit that he very first became with it with VBS for the given that a consultant and advisor, mainly assigned with https://perfectloans24.com/payday-loans-pa/coudersport/ presenting new business. Mr Madzonga further made in that it responding affidavit he is actually designated because the acting Captain Doing work Administrator (‘COO’) for VBS for three days throughout , pending acceptance from the Registrar away from Banking companies to have a long-term fulfilling in terms of the regulating standards.

Alternatively, Mr Matodzi, inside the capacity due to the fact Administrator Chairperson away from Vele, appointed Mr Madzonga since COO and later Chief executive officer to own Vele

In this regard, the Registrar referenced Mr Madzonga’s failure in order to highlight within his DI 020 application, you to definitely throughout their a position that have MTN (Pty) Ltd, brand new Hawks examined his role about ICT Indaba Sponsorship in the 2013; there was in fact accusations out-of misconduct and problems while he is the principle Business Officer regarding MTN; and this a thorough forensic statement by the PricewaterhouseCoopers towards ‘stunning proof corruption’ during the MTN particularly referenced him.

The brand new Registrar from Banks requested Mr Matodzi, this new Chairperson of one’s Panel out-of VBS, to add more information out of the factors from the latest VBS Panel of Directors with its assessment of appropriateness away from appointing Mr Madzonga as COO. Inside the 3rd answering affidavit, Mr Madzonga wrongly stated your Registrar away from Banks only informed VBS it absolutely was unhappy together with his monetary experience and you can the Registrar asked to-be given things about their leaving their previous work with MTN.

The fresh new page throughout the Registrar was handled so you’re able to Mr Matodzi and you may Mr Ramavhunga (the main Executive Officer of VBS) into the e time, Matodzi forwarded the newest page so you can Mr Madzonga to his VBS email address address. This conclusively demonstrates Madzonga was still employed by VBS into the , as opposed to his allegations in the initial responding affidavit that he was appointed pretending COO throughout for just three days.

Mr Madzonga, in the 3rd responding affidavit, backtracked, saying one if you’re waiting for the outcome of one’s DI 020 application, he had been designated because Pretending COO from VBS having a period of 3 months away from

Given this paradox, my personal conclusion would be the fact Mr Madzonga, very first, made an effort to misguide the new Registrar from Banks of the withholding information you to definitely indicts their profile. Next, the guy including sought to produce a viewpoint that their period as COO off VBS was off brief years so you can point himself regarding one engagement throughout the swindle and you will theft enough time against VBS, especially in the fresh 2017 seasons and you will thereafter.

Mr Madzonga admits receipt of your page throughout the Registrar of Banks. He doesn’t deny the content material thereof. Mr Matodzi, as Chairperson of VBS Board, failed to present brand new Registrar for the considerably more details necessary.

Mr Madzonga is with Mr Matodzi on Vele’s capital committee. The guy next sits into board regarding Vele Financial Characteristics with Matodzi. Madzonga serves as a manager out-of Guarantee Class Executives (Pty) Ltd (‘Insure’), Black Title Telecoms (Pty) Ltd and you can Bonulog (Pty) Ltd. A few of these organizations gained directly from the new fraudulent plan.

Significant fake transactions one to with it VBS, Vele and you may Insure, happened through the Mr Madzonga’s tenure once the Vele’s COO (and soon after it’s Chief executive officer) and you can a director from Guarantee.

Throughout , Mukhodobwane and you can Phillipus Nicholas Truter, new up coming Chief Monetary Administrator regarding VBS, towards information from Mr Matodzi, authored an effective ‘VBS Corporate Suspense’ account from the EMID System. The brand new membership is fictitiously paid having an amount of R250 mil. This authored a viewpoint regarding EMID System one to loans had already been placed on the VBS ‘Business Anticipation account’ whenever zero for example deposit is made.

Leave a Comment

Your email address will not be published. Required fields are marked *