When VBS are experience a cash crisis, the guy first paid off the amount of R18 million toward VBS

‘ Madzonga, in his affidavit, claims that he did no problem. He says, he had been at the Vele, which is not the same as VBS. Their make states another thing. The brand new payment is not fairly told me. As to why shell out an amount of R3 mil of your own difficult-generated profit an entity you have no reference to? This occurred during the situations if panel away from VBS failed to find assistance from Vele. This new board of your own latter also did not care for to greatly help VBS. None was older executives regarding Vele requested guidelines.

As to why look at the problems regarding increasing financing out-of R15 mil in an effort to save your self an organization which was in the a financial crisis?

New inevitable completion is that the improve out of R18 million to VBS is actually an attempt towards Madzonga’s region to cover his tunes. Unfortuitously, the destruction got complete currently. R18 mil try not enough to eliminate the money drama into the VBS. This is exactly why the guy later on published an email to VBS to help you get well brand new R15 billion allegedly paid towards the VBS by mistake.’

By the training VBS to borrowing R15 mil with the their thread membership, Mr Madzonga sought so you’re able to fraudulently eliminate their personal debt so you’re able to VBS because of the appropriating loans designed for www.perfectloans24.com/payday-loans-mi/gladstone/ Vele to themselves.

Far from assisting VBS with its liquidity crisis, Mr Madzonga’s actions was designed to conceal this new exchangeability drama at the VBS for the reason that the newest fake system. It’s implausible you to Mr Mukhodobwane might have looked for his direction so you can bail out VBS throughout the growing liquidity drama and you can confided in your in the event that he was not a co-culprit from the deceptive strategy. Madzonga is actually the new Chief executive officer from Vele and you will a director off Insure, that was brand new part from Vele. Vele is the top shareholder when you look at the Ensure and you will VBS. It is inexplicable why Mr Madzonga should pay his currency toward the newest VBS account as opposed to moving the money throughout the Vele membership on VBS membership from the FNB.

Vele had over R63 mil within the bank membership

Mr Mukhodobwane claims you to definitely Mr Matodzi instructed him to help you deposit towards the the loan bond account away from Madzonga inside the some R4.5 billion, using fictitious funds from Vele. Which amount was paid down so you can Mr Madzonga towards . Inside the responding affidavit, Mr Madzonga states he don’t be aware of the sources of this currency. According to him that-

‘… presumably, that it quantity of R4.5 million makes reference to new remuneration I happened to be guaranteed of the Matodzi, and you will that we is triggered faith is actually repaid to me, up on my promotion off head doing work administrator so you can ceo of your Vele Group from inside the .’

‘ After he obtained new R4.5 billion out of Vele, the guy paid down it currency because the a deposit into cost of R9.4 million appropriate [to] a house described as Remain No. 42, Bluish Slopes Country Property Country House from inside the Johannesburg. It lead to VBS simply lending your and you may mortgaging the property with the worth of R4.nine billion.

Objective proof, however, suggests that Madzonga’s reason of the R4.5 mil is a lay. This new contract entered on towards purchase of this new Blue Hills property doesn’t require in initial deposit. Actually, in terms of the agreement, the primary financial obligation continues to be reflected once the level of R9.4 mil. On , VBS managed several characters in order to your that will be advising. Both letters record his loan due to the fact number of R9.4 billion and that this new monthly payments, having a time period of 60 weeks, is the number of R214 000. Yet not, except that couple monthly repayments in the level of R213 one hundred thousand, it will not are available that Madzonga frequently maintained the administrative centre cutting-edge in order to him of the VBS. In any event, extremely common end up in that transfer of the property toward their identity is effected on ount from R4.5 million usually do not therefore end up being in initial deposit to the a house already transferred.