Whenever VBS try experiencing a cash crisis, the guy basic reduced the level of R18 million on VBS

Whenever VBS try experiencing a cash crisis, the guy basic reduced the level of R18 million on VBS

‘ Madzonga, in the affidavit, states that he did no problem. He states, he had been at the Vele, that’s different from VBS. Their run claims something else entirely. The fee isn’t fairly informed me. As to the reasons spend some R3 billion of the difficult-obtained profit an organization you have got no connection with? Which taken place in the factors in the event that panel out of VBS don’t search assistance from Vele. The fresh board of second including did not care for to greatly help VBS. Neither was senior executives away from Vele asked for assistance.

As to the reasons look at the dilemmas out-of elevating that loan from R15 mil in an effort to conserve an organization which had been during the an overall economy?

New inevitable achievement is the fact that get better from R18 mil so you’re able to VBS are a go into Madzonga’s part to fund their tracks. Unfortuitously, the damage had been over currently. R18 million was insufficient to settle the bucks crisis in the VBS. That is why the guy later on blogged a contact so you’re able to VBS so you can recover the brand new R15 billion presumably paid off to the VBS of the error.’

Of the training VBS to borrowing R15 mil toward his thread account, Mr Madzonga wanted so you can fraudulently cure their loans so you can VBS of the appropriating funds intended for Vele so you can himself.

Away from helping VBS featuring its liquidity crisis, Mr Madzonga’s measures was indeed meant to conceal the latest liquidity crisis at the VBS for the reason that the new fake plan. It’s far fetched you to definitely Mr Mukhodobwane might have sought for their advice to bail out VBS in the growing liquidity crisis and you can confided into the your when the he was perhaps not good co-culprit on fake program. Madzonga is actually this new Ceo out-of Vele and you will a manager out-of Ensure, that was the brand new subsidiary from Vele. Vele was the major shareholder in Insure and you can VBS. It’s incomprehensible as to why Mr Madzonga will be shell out his money on the latest VBS account unlike animated the money on Vele membership towards VBS membership at the FNB.

Vele had more than R63 mil in one of the bank account

Mr Mukhodobwane claims one to Mr Matodzi educated your so you can put into the mortgage thread account of Madzonga in the some R4.5 mil, using make believe money from Vele. So it amount is repaid so you can Mr Madzonga towards . Within his answering affidavit, Mr Madzonga states which he did not know the origins from it money. He says one-

‘… allegedly, which amount of R4.5 mil relates to the brand new remuneration I became assured of the Matodzi, and you will which i was resulted in trust are repaid if you ask me, up on my venture regarding chief performing manager in order to ceo of one’s Vele Group into the .’

‘ Once he acquired this new R4.5 million away from Vele, he repaid so it currency once the in initial deposit to your cost of R9.4 billion connected [to] a home known as Stay Zero. 42, Blue Mountains Country Home Nation House during the Johannesburg. That it lead to VBS only financing him and you can mortgaging the property toward value of R4.nine mil.

The aim evidence, not, suggests that Madzonga’s explanation of your R4.5 billion is actually a rest. Brand new agreement inserted on the on the purchase of the Blue Hills property doesn’t require in initial deposit. Actually, with regards to the arrangement, the main debt continues to be reflected since level of R9.4 million. With the , VBS treated several letters so you’re able to him which might be telling. Both letters list their loan because the number of R9.cuatro billion which brand loan till payday Atmore AL new month-to-month costs, to own a period of 60 weeks, ‘s the level of R214 one hundred thousand. not, besides partners monthly payments throughout the quantity of R213 100000, it doesn’t come that Madzonga daily serviced the administrative centre cutting-edge to help you him because of the VBS. Anyhow, it’s quite common bring about that transfer of the home into the his label was effected toward ount out-of R4.5 billion you should never hence be a deposit with the a home currently transferred.

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