Whenever VBS try sense a profit drama, the guy very first paid off the degree of R18 mil into VBS

‘ Madzonga, in his affidavit, states he did no problem. According to him, he was at Vele, that is distinctive from VBS. His conduct claims another thing. The brand new percentage isn’t fairly explained. As to why spend an amount of R3 million of your difficult-obtained cash in an organization you may have zero reference to? So it happened when you look at the activities when the board away from VBS did not look for assistance from Vele. The brand new board of latter in addition to don’t take care of to help VBS. Neither were elder professionals off Vele requested recommendations.

Why go to the trouble off increasing a loan out of R15 million in an effort to cut an entity which had been for the a financial crisis?

This new inescapable conclusion is the fact that the progress away from R18 million so you can VBS are a try for the Madzonga’s region to fund their music. Unfortuitously, the destruction got over already. R18 mil try diminished to settle the cash drama in the VBS. That’s why the guy afterwards published a message to help you VBS to get well the fresh new R15 million presumably paid off on VBS from the mistake.’

Of the training VBS to help you borrowing R15 million with the their thread account, Mr Madzonga needed so you can fraudulently lose their debt so you can VBS from the appropriating funds meant for Vele to himself.

Away from helping VBS featuring its liquidity crisis, Mr Madzonga’s tips were designed to cover the brand new liquidity crisis within VBS as a result of new fraudulent strategy. It is far fetched one to Mr Mukhodobwane could have needed their recommendations in order to bail out VBS on looming liquidity crisis and confided in the your in the event the he was maybe not a beneficial co-perpetrator regarding the fake system. Madzonga are this new President away from Vele and you will a manager away from Insure, which had been the newest subsidiary out-of Vele. Vele was the top stockholder inside the Ensure and you will VBS. It is incomprehensible as to the reasons Mr Madzonga will be shell out his currency on the the latest VBS account as opposed to animated the bucks from the Vele membership towards the VBS account on FNB.

Vele had more than R63 billion within the bank levels

Mr Mukhodobwane states one to Mr Matodzi coached him in order to put toward the borrowed funds bond account off Madzonga from inside the some R4.5 million, using fictitious money from Vele. That it amount try repaid in order to Mr Madzonga on the . Within his reacting affidavit, Mr Madzonga claims which he failed to know the root out-of that it money. According to him you to-

‘… allegedly, it amount of R4.5 billion makes reference to the newest remuneration I found myself promised by the Matodzi, and you may that i try contributed to trust try paid back in my experience, through to my personal promotion off captain working manager in order to president of your Vele Category during the .’

‘ Immediately following the guy gotten the latest R4.5 mil from Vele, he reduced so it currency because the in initial deposit towards purchase price out of R9.4 billion relating [to] a house known as Sit Zero. 42, Blue Slopes Country House Country Estate for the Johannesburg. Which contributed to VBS just financing your and you can mortgaging the property to your property value R4.nine million.

Objective facts, not, reveals that Madzonga’s need of R4.5 million is a lie. New agreement entered with the with the acquisition of the newest Blue Mountains assets doesn’t require in initial deposit. In fact, in terms of the contract, the primary debt is still mirrored once the amount of R9.4 billion. Towards the , VBS handled two letters in order to your that will be informing. Both letters record their mortgage once the number of R9.4 million hence new month-to-month repayments, to own a period of 60 months, ‘s the number of R214 000. Yet not, apart from couple monthly payments on amount of R213 one hundred thousand, it doesn’t arrive one to Madzonga continuously maintained the main city advanced in order to him from the VBS. Anyway, it is common trigger that import of the home on the their title is actually effected towards the ount regarding R4.5 billion do not Oxnard same day payday loan therefore feel in initial deposit for the property currently transmitted.