Mr Madzonga is actually an admitted attorneys with more than 23 years’ knowledge of the economic and you will business funds business portion, with this new court and you can regulating environment. He says inside the responding affidavit he initially turned on it that have VBS from inside the because a representative and you can advisor, mainly assigned that have introducing new business. Mr Madzonga next stated in this answering affidavit he are designated due to the fact pretending Master Operating Administrator (‘COO’) to possess VBS for three weeks while in the , pending approval regarding the Registrar from Finance companies for a long-term online title loans Kentucky fulfilling in terms of the regulatory standards.
Instead, Mr Matodzi, within his capabilities given that Administrator Chairperson away from Vele, designated Mr Madzonga as COO and soon after Chief executive officer to own Vele
In this regard, the latest Registrar referenced Mr Madzonga’s failure so you’re able to stress in his DI 020 form, one for the duration of his employment that have MTN (Pty) Ltd, the fresh Hawks investigated his part on the ICT Indaba Sponsorship for the 2013; there was basically accusations out-of misconduct and you may abnormalities while he are the chief Corporate Manager off MTN; and that an intensive forensic report by the PricewaterhouseCoopers towards the ‘alarming proof corruption’ at the MTN particularly referenced him.
The latest Registrar away from Banking companies expected Mr Matodzi, the fresh Chairperson of the Panel regarding VBS, to incorporate more information off all of the factors from the latest VBS Panel out of Administrators in investigations of the appropriateness of appointing Mr Madzonga because the COO. In the 3rd reacting affidavit, Mr Madzonga incorrectly reported the Registrar from Banks only told VBS that it was not satisfied together with his economic experience and the Registrar expected getting supplied with aspects of his making their earlier a career which have MTN.
This new letter regarding the Registrar are managed so you can Mr Matodzi and you can Mr Ramavhunga (the chief Manager Officer from VBS) on e day, Matodzi forwarded this new letter in order to Mr Madzonga so you’re able to his VBS email address address. This conclusively demonstrates Madzonga had been used by VBS towards the , in contrast to his allegations within his 1st responding affidavit that he are designated acting COO while in the just for about three weeks.
Mr Madzonga, in his third answering affidavit, backtracked, asserting you to when you are awaiting the outcomes of one’s DI 020 software, he was appointed since Pretending COO away from VBS for a time out-of 90 days out of
Given this contradiction, my conclusion would be the fact Mr Madzonga, earliest, tried to misguide the fresh new Registrar from Banking companies because of the withholding recommendations you to indicts his character. Second, he plus sought which will make a viewpoint that their tenure because the COO regarding VBS was away from quick duration to help you point themselves out of one involvement regarding ripoff and you will thieves the amount of time up against VBS, especially in the brand new 2017 seasons and you will after that.
Mr Madzonga admits bill of your page from the Registrar regarding Banking institutions. He cannot reject the contents thereof. Mr Matodzi, just like the Chairperson of one’s VBS Board, failed to furnish the new Registrar toward additional info requisite.
Mr Madzonga sits having Mr Matodzi with the Vele’s financial support committee. He next consist toward panel of Vele Monetary Functions having Matodzi. Madzonga serves as a manager away from Insure Group Professionals (Pty) Ltd (‘Insure’), Black colored Term Telecoms (Pty) Ltd and Bonulog (Pty) Ltd. All these organizations gained right from the brand new deceptive system.
High fraudulent purchases one to in it VBS, Vele and Guarantee, taken place throughout the Mr Madzonga’s period because the Vele’s COO (and soon after it’s Ceo) and you will a movie director off Insure.
During , Mukhodobwane and you can Phillipus Nicholas Truter, the fresh upcoming Chief Financial Administrator off VBS, to the guidelines of Mr Matodzi, composed a ‘VBS Corporate Suspense’ membership through the EMID System. The fresh new membership are fictitiously paid with an amount of R250 billion. This created a viewpoint on EMID System one fund got been transferred on the VBS ‘Corporate Suspense account’ when no like deposit got generated.
