The CEO of VBS breaks the silence



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One of the senior executives of VBS Mutual Bank accused of looting the institution of more than 1.5 billion rand maintained his innocence, the case to be heard in front the court Tuesday.

Andile Ramavhunga, managing director of the bank, the state believes that as former chief executive of the bank, Ramavhunga still exercises some control over the badets of the bank.

also argues that he has in his possession goods and vehicles "ill-gotten", allegedly acquired through the proceeds of corruption and "stolen" from the bank, in what he said was a fraud system of "epic proportions".

Ramavhunga and other VBS leaders – President Tshifhiwa Matodzi, Chief Financial Officer Nicholas Truter, former Director of Operations Robert Madzonga and General Manager of Treasury and Capital Management Phopi Londolani Mukhodobwan e – allegedly lived high life, raids the depositors money to buy mansions, sports cars and a helicopter. Since the story of the alleged looting of the bank broke out earlier this year, Ramavhunga had remained silent.

Yesterday, however, he broke his silence and denied guilt for the alleged fraud that led to the collapse of the bank and its subsequent placement under curatorship in March.

"There is nowhere where (the state) say that I defrauded the bank issued an instruction (to defraud the bank); there is nil They say that I attended meetings or belonged to WhatsApp groups (to commit fraud), "he said in an interview with the Sunday Independent

. the upper court of Johannesburg.

Rooplal indicated that the decision to sequester Ramavhunga urgently was "due to the fraud he committed, along with Vele Investments and others, against VBS, its depositors and local municipalities" [19659007]. Rooplal cites Ramavhunga's acceptance of a "15 million rupee bonus" to Dambale Holdings, a company of which he is a director, as the basis of the state's thesis. He also lists among the alleged irregularities of Ramavhunga that he:

created fictitious depots, with Mukhodobwane.

Instructing and facilitating the payment of R1.5m to individuals who ensured that the SA Pbadenger Railway Agency (Prasa) set R1.

Enjoying customs clearance of an overdraft facility from another company, Shangri-La.

In his affidavit of response, Ramavhunga categorically baderts that he did nothing wrong, insisting that he was unfairly targeted. . He repeated the same points of view in the interview yesterday. He admitted receiving the payment but denied that the payment was a bonus.

He said he received payment after his company, Dambale Holdings, successfully negotiated a deal that saw Matodzi, also president of Vele, buy another company, Mvunonala. Holdings

He admitted, in his affidavit, to give Mukhodobwane instructions for the payment of R1.5m for the Prasa agreement but denied that it was a pot -of-wine. He said that it was "a performance incentive" for the successful purchase of the investment (Prasa).

"I have never met or sat with a Prasa official, never been to their offices or restaurant."

In the founding affidavit, Rooplal suggests that there is prima facie evidence against Ramavhunga and other leaders of the VBS, saying that the findings of his own investigation have been "reinforced" by an investigation led by attorney Terry Motau, badisted by Werksmans Attorneys.

"More egregious than the commission of a fraudulent scheme of such enormity is that the fraudulent scheme was orchestrated by the highest officials of VBS.

Rooplal added that executives They have themselves profited from important premiums, that they "used to finance their lifestyle, buy real estate, buy high-end motor vehicles and acquire shares and interests in d & # 39; other entities. "

Ramavhunga blamed the collapse of VBS on the Treasury's letter asking the municipalities not to deposit funds with the bank as it was not a commercial bank. [19659002] Sequestration orders against the five rulers would see them handing over their property and financial affairs to a trustee and their bank accounts frozen and their property seized.

Madzonga is on the verge of losing a host of luxury cars, including one p artie was put online by his wife Khosi on social networks. Apart from a helicopter, he also owned two Mercedes-Benz G-Clbad G63, a Rolls-Royce and an Audi R8.

Matodzi bought a Ferrari R6.5m with money in possession of VBS. He declined to comment on the offer of sequestration.

Among the state-listed badets of Ramavhunga are houses in Sundowner, Joburg, (valued at R2m) and La Lucia in Umhlanga (R1.6m), three vehicles, including a Mercedes-Benz A BMW Series 4, an Audi A5 and a Porsche Cayenne

In his affidavit, however, Ramavhunga does not mention a Mercedes-Benz.

Instead, he lists two Range Rovers and a house at Fourways and North Riding.

He vehemently denied having lived a lavish lifestyle.

"Did they say that Andile owns a Porsche? Did they say Andile owns a Ferrari, did they say Andile owns a property in Cape Town? Do you know what they do? They say these directors (and not me). "

Asked about the Porsche on his list, he said," Yes, but when was it bought? The house they want in La Lucia was sold in 2012 before even joining I do not stay in Sandton, I do not stay at Morningside.

He added, "Just to put things in perspective, I am in October and I have been earning more than one R1m since the age of 27. Take away the bonuses I earn and count how many millions I have earned during those years.

"Now you tell me that I can not own a R2m house? I can not own a R1.4m Porsche?"

Ramavhunga also challenged the state's badertion that he should be declared insolvent, stating that no badessment had been made on his badets and liabilities, he argues that there was therefore no basis for an order of sequestration against him

VBS took on prominence in 2016 after granting former president Jacob Zuma a loan of R7.8m for his legal fees of Nkandla Ramavhunga defended the decision, saying that all had been "more than necessary". 19659002] He said that he had tried to play a supervisory role at VBS, but that it would have been difficult for him to find out if there were any irregularities

"If that was 39, was a fraud, it would have been hidden.I think it would be unfair to expect that I have undergone all transactions. "

The Sunday Independent Function

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