New Registrar away from Banking institutions requested Mr Madzonga’s viability on the as being the COO from VBS

Mr Madzonga was an admitted attorney with more than 23 years’ knowledge of the economical and you can business financing team parts, with the judge and you will regulatory ecosystem. He says within his answering affidavit he very first turned inside having VBS in once the a consultant and you can mentor, mainly assigned which have bringing in new clients. Mr Madzonga further produced in that it responding affidavit that he are designated as pretending Captain Working Manager (‘COO’) to have VBS for a few weeks through the , pending recognition regarding the Registrar from Finance companies for a long-term appointment with regards to the regulatory standards.

Alternatively, Mr Matodzi, inside the strength because the Professional Chairperson out of Vele, designated Mr Madzonga due to the fact COO and soon after President to have Vele

In connection with this, the latest Registrar referenced Mr Madzonga’s inability to emphasize in the DI 020 application form, that in the course of their a position having MTN (Pty) Ltd, the new Hawks examined his role on the ICT Indaba Support in the 2013; there was basically allegations of misconduct and you can abnormalities while he was the main Business Manager of MTN; which a thorough forensic statement by the PricewaterhouseCoopers towards the ‘stunning evidence of corruption’ in the MTN particularly referenced him.

New Registrar out of Financial institutions requested Mr Matodzi, brand new Chairperson of Board from VBS, to provide more info off all considerations produced by the latest VBS Board out of Directors within the evaluation of your own appropriateness out-of appointing Mr Madzonga since COO. In the third answering affidavit, Mr Madzonga wrongly stated that the Registrar away from Financial institutions simply informed VBS that it was not happy with his monetary experience and you can your Registrar requested getting provided with aspects of their making their early in the day work having MTN.

Brand new letter throughout the Registrar is addressed so you’re able to Mr Matodzi and you may Mr Ramavhunga (the main Executive Administrator out of VBS) on age go out, Matodzi forwarded brand new letter to Mr Madzonga to help you their VBS email address target. That it conclusively demonstrates that Madzonga had been used by VBS toward , contrary to his accusations inside the first responding affidavit that he is actually designated acting COO through the just for about three months.

Mr Madzonga, in the 3rd answering affidavit, backtracked, saying one while you are looking forward to the outcome of DI 020 application, he had been appointed as the Acting COO away from VBS to have a period away from 3 months out of

With all this contradiction, my conclusion is the fact Mr Madzonga, basic, made an effort to mislead the latest Registrar out of Financial institutions of the withholding information you to indicts their reputation. Second, the guy and found to create an impression one to his tenure just like the COO out-of VBS are out-of brief duration so you can range themselves of any involvement regarding swindle and thieves enough time up against VBS, particularly in new 2017 seasons and you may thereafter.

Mr Madzonga acknowledges receipt of your page in the Registrar off Finance companies. He doesn’t reject the fresh content material thereof. Mr Matodzi, just like the Chairperson of your VBS Board, didn’t furnish new Registrar towards the much more information necessary.

Mr Madzonga consist with Mr Matodzi with the Vele’s resource committee. He further is into panel from Vele Financial Properties having Matodzi. Madzonga functions as a manager of Ensure Category Executives (Pty) Ltd (‘Insure’), Black Name Telecoms (Pty) Ltd and you may Bonulog (Pty) Ltd. Many of these organizations benefited right from the brand new fraudulent scheme.

High fake transactions one to inside VBS, Vele and you may Guarantee, happened during Mr Madzonga’s period as the Vele’s COO (and soon after it’s Ceo) and you can a director out-of Insure.

While in the , Mukhodobwane and Phillipus Nicholas Truter, the brand new after that Head Economic Administrator away from VBS, to the tips out of Mr Matodzi, written an excellent ‘VBS Business Suspense’ account from EMID Program. The newest membership try fictitiously credited having some R250 billion. This composed an opinion throughout the EMID System one finance got been transferred into the VBS ‘Corporate Anticipation account’ when no particularly deposit was produced.