Mr Madzonga is actually an accepted lawyer along with 23 years’ knowledge of the economical and you can business fund team components, which includes the brand new legal and you may regulating ecosystem. According to him in the reacting affidavit he initial became inside that have VBS in the once the a consultant and advisor, mainly assigned which have adding new clients. Mr Madzonga next made in it responding affidavit he is designated while the pretending Chief Working Administrator (‘COO’) to possess VBS for a few months throughout , pending approval on Registrar from Banking institutions getting a long-term meeting in terms of the regulating standards.
Instead, Mr Matodzi, inside the capacity as Executive Chairperson of Vele, designated Mr Madzonga due to the fact COO and soon after Ceo to have Vele
In connection with this, the brand new Registrar referenced Mr Madzonga’s failure to help you emphasize inside the DI 020 form, you to during the course of his work which have MTN (Pty) Ltd, the brand new Hawks investigated their role from the ICT Indaba Sponsorship within the 2013; there had been allegations regarding misconduct and problems while he try the principle Business Manager regarding MTN; and that an intensive forensic declaration of the PricewaterhouseCoopers towards ‘alarming proof corruption’ within MTN especially referenced your.
The brand new Registrar regarding Banks requested Mr Matodzi, the latest Chairperson of one’s Board from VBS, to include further information from all of the considerations made by the newest VBS Board off Administrators within the testing of your own appropriateness off appointing Mr Madzonga since COO. Within his 3rd answering affidavit, Mr Madzonga incorrectly stated the Registrar of Banking companies simply told VBS that it was not happy along with his payday loans Mississippi monetary feel and you will that Registrar asked is provided with reasons for their making his prior a career that have MTN.
The new letter from the Registrar try managed to help you Mr Matodzi and you will Mr Ramavhunga (the main Administrator Officer off VBS) toward age big date, Matodzi sent this new letter so you can Mr Madzonga to their VBS current email address address. That it conclusively indicates that Madzonga was still used by VBS towards , in contrast to his accusations within his first answering affidavit that he is actually appointed pretending COO throughout just for about three weeks.
Mr Madzonga, in the third reacting affidavit, backtracked, saying you to definitely when you find yourself waiting for the outcomes of DI 020 application, he was appointed because the Acting COO regarding VBS to have an occasion out of 90 days out of
Given this paradox, my personal completion is that Mr Madzonga, first, made an effort to misguide the fresh Registrar away from Banking institutions of the withholding advice you to definitely indicts his reputation. 2nd, he as well as looked for to produce a viewpoint you to their tenure just like the COO off VBS try off brief years in order to length himself out of people engagement from the scam and you will thieves the amount of time up against VBS, particularly in the fresh 2017 year and you can afterwards.
Mr Madzonga admits acknowledgment of the page on the Registrar away from Financial institutions. The guy doesn’t reject new contents thereof. Mr Matodzi, since the Chairperson of one’s VBS Board, don’t present this new Registrar to your info needed.
Mr Madzonga consist having Mr Matodzi on the Vele’s resource panel. The guy further consist into the panel away from Vele Monetary Qualities which have Matodzi. Madzonga serves as a movie director from Guarantee Category Professionals (Pty) Ltd (‘Insure’), Black colored Identity Telecoms (Pty) Ltd and you may Bonulog (Pty) Ltd. All these organizations gained straight from the fresh new deceptive scheme.
Tall fake transactions one on it VBS, Vele and you will Insure, took place through the Mr Madzonga’s period given that Vele’s COO (and later it’s Ceo) and you will a director of Insure.
During , Mukhodobwane and you can Phillipus Nicholas Truter, the fresh after that Captain Financial Manager of VBS, to your directions away from Mr Matodzi, composed an excellent ‘VBS Corporate Suspense’ account through the EMID Program. The fresh new membership is actually fictitiously credited with some R250 billion. It composed an impression from the EMID Program one finance had become transferred with the VBS ‘Corporate Anticipation account’ whenever zero such as deposit got made.