‘ Madzonga, in his affidavit, states that he performed nothing wrong. He states, he had been within Vele, that is not the same as VBS. Their perform claims something else entirely. New payment is not fairly said. As to the reasons pay an amount of R3 million of your difficult-gained money in an organization you have zero connection with? That it happened within the affairs if the board of VBS don’t seek help from Vele. The newest board of latter as well as failed to look after to aid VBS. Neither was elder professionals out-of Vele asked for guidelines.

As to why go to the troubles off elevating a loan off R15 billion in an effort to help save an entity that has been in the a financial crisis?

New inevitable achievement is the fact that progress out of R18 mil to VBS was an attempt toward Madzonga’s region to pay for their music. Unfortuitously, the destruction ended up being over currently. R18 mil was decreased to resolve the cash crisis in VBS. This is why the guy afterwards typed a message to help you VBS so you’re able to get well the newest R15 mil presumably repaid into the VBS because of the mistake.’

Because of the teaching VBS so you’re able to borrowing from the bank R15 million into his thread account, Mr Madzonga found so you’re able to fraudulently eliminate their obligations to VBS from the appropriating fund designed for Vele to help you himself.

From helping VBS using its exchangeability crisis, Mr Madzonga’s actions have been intended to hide the exchangeability drama during the VBS for the reason that the latest deceptive strategy. It’s implausible that Mr Mukhodobwane might have sought for their guidance so you can bail out VBS on the growing exchangeability drama and you may confided during the your if the he had been maybe not a good co-perpetrator in the fake strategy. Madzonga is the brand new Ceo out-of Vele and you may a movie director regarding Insure, which had been the fresh part away from Vele. Vele try the major stockholder into the Insure and you may VBS. It’s inexplicable as to the reasons Mr Madzonga would be to shell out his money into the the fresh new VBS membership unlike mobile the cash on the Vele account into VBS membership at FNB.

Vele got over R63 billion within the bank accounts

Mr Mukhodobwane says one Mr Matodzi trained him to help you deposit on the loan bond membership out-of Madzonga from inside the an amount of R4.5 mil, playing with make believe money from Vele. That it count try reduced to Mr Madzonga to your . Inside the answering affidavit, Mr Madzonga claims he didn’t know the sources out of which money. He states you to-

‘… allegedly, which level of R4.5 mil refers to the fresh new remuneration I became assured by Matodzi, and you can that we is actually led to faith was paid down if you ask me, abreast of my personal promotion regarding master functioning manager in order to president of Vele Category when you look at the .’

‘ Immediately after he received brand new R4.5 mil out-of Vele, he paid down that it currency as the a deposit with the price off R9.4 billion associated [to] a property described as Sit Zero. 42, Blue Hills Nation Property Nation Home in the Johannesburg. It resulted in VBS simply lending your and you may mortgaging the house or property toward worth of R4.9 billion.

The objective evidence, although not, implies that Madzonga’s factor of one’s R4.5 million was a lie. The fresh new agreement inserted on the toward purchase of the latest Bluish Slopes assets doesn’t require a deposit. In fact, with regards to the contract, the principal financial obligation continues to be mirrored just like the number of R9.cuatro million. Toward , VBS treated a couple of emails to him which can be informing. The two emails record their financing due to the fact level of R9.cuatro billion and that the new monthly payments, to have a period of sixty weeks, ‘s the level of R214 one hundred thousand. Although not, besides couple monthly payments from the quantity of R213 one hundred thousand, it does not come you to Madzonga continuously serviced the main city advanced to help you him because of the VBS. Anyway, it’s quite common result in that import of the property into his title are affected on ount off R4.5 mil try not to therefore be in initial deposit with the a property already transmitted.