‘ Madzonga, in his affidavit, states that he did nothing wrong. He says, he was in the Vele, which is distinctive from VBS. His perform states something different. New payment isn’t fairly informed me. As to why pay some R3 mil of hard-attained money in an entity you have no connection with? It took place during the situations in the event that panel out of VBS didn’t find help from Vele. The fresh board of your own second plus did not eliminate to assist VBS. None was in fact elderly executives off Vele asked for direction.
As to the reasons go to the problems out of elevating a loan out of R15 billion in order to save your self an organization which was into the an overall economy?
Brand new inevitable conclusion is the fact that the advance regarding R18 billion so you can VBS is a go on Madzonga’s part to fund his music. Regrettably, the damage is over already. R18 mil try decreased to resolve the cash drama inside the VBS. For this reason he after blogged an email so you can VBS to help you recover new R15 million allegedly reduced with the VBS by mistake.’
Because of the teaching VBS so you can borrowing R15 million on their thread account, Mr Madzonga tried to fraudulently lose their personal debt so you can VBS from the appropriating money designed for Vele to help you themselves.
From the helping VBS along with its exchangeability drama, Mr Madzonga’s procedures was designed to hide this new liquidity drama within VBS because of the fresh fake design. It’s far-fetched one to Mr Mukhodobwane will have desired his guidelines so you’re able to bail-out VBS regarding growing exchangeability crisis and confided in the him in the event that he had been not an excellent co-perpetrator on fake system. Madzonga is actually the new Ceo regarding Vele and a manager regarding Insure, that was the latest part regarding Vele. Vele is the major stockholder inside the Insure and VBS. It is incomprehensible as to the reasons Mr Madzonga is to pay their currency to your brand new VBS membership instead of animated the money from the Vele membership towards the VBS account at the FNB.
Vele got over R63 million in one of the financial profile
Mr Mukhodobwane says you to definitely Mr Matodzi instructed him so you can deposit on the the mortgage thread membership out of Madzonga when you look at the some R4.5 million, using fictitious funds from Vele. So it matter try reduced so you can Mr Madzonga towards the . In his answering affidavit, Mr Madzonga says that he failed to understand sources out-of it currency. He says that-
‘… presumably, so it quantity of R4.5 million relates to the new remuneration I found myself assured by the Matodzi, and you will which i is actually lead to trust try paid back if you ask me, through to my venture out of master doing work manager so you’re able to ceo of the Vele Class during the .’
‘ Once the guy received the fresh R4.5 million out of Vele, the guy paid down it money due to the fact a deposit for the cost out-of R9.4 mil connected [to] a house also known as Remain No. 42, Bluish Slopes Country Home Country Estate inside Johannesburg. It lead to VBS merely lending him and you may mortgaging the house for the property value R4.9 million.
The aim proof, but not, suggests that Madzonga’s factor of your own R4.5 million try a lie. This new agreement inserted to the with the acquisition of the new Blue Slopes possessions doesn’t require in initial deposit. Indeed, with regards to the contract, the primary debt continues to be shown because the level of R9.4 mil. To the , VBS handled a few letters to your that are advising. The 2 emails record their loan while the level of R9.cuatro billion and this the fresh monthly payments, to have a period of sixty days, ‘s the quantity of R214 100. Yet not, besides pair month-to-month payments from the level of R213 000 payday loans online Copperas Cove, it does not are available that Madzonga frequently maintained the capital complex in order to your by the VBS. In any event, extremely common produce that import of the house to the his title is affected with the ount away from R4.5 mil try not to ergo end up being a deposit towards a home currently transmitted.