Mr Madzonga is actually an admitted lawyer with well over 23 years’ expertise in the economical and you may business fund company parts, that has the brand new judge and you will regulating environment. He says in the responding affidavit that he first became on it which have VBS in the because a consultant and you can mentor, mainly tasked with launching new business. Mr Madzonga after that produced in so it reacting affidavit which he are designated once the acting Chief Functioning Officer (‘COO’) having VBS for three days throughout the , pending approval about Registrar away from Banking companies to possess a permanent appointment with regards to the regulating criteria.
Instead, Mr Matodzi, within his potential because Exec Chairperson regarding Vele, designated Mr Madzonga as the COO and soon after Chief executive officer to possess Vele
In this regard, the fresh Registrar referenced Mr Madzonga’s failure to emphasize in the DI 020 application form, one in the course of their work that have MTN (Pty) Ltd, the fresh new Hawks investigated his role on ICT Indaba Sponsorship inside 2013; there was indeed accusations regarding misconduct and you may abnormalities as he is actually the principle Business Officer regarding MTN; which a comprehensive forensic report by the PricewaterhouseCoopers towards ‘shocking proof of corruption’ from the MTN especially referenced your.
New Registrar away from Banking companies requested Mr Matodzi, the fresh new Chairperson of one’s Board off VBS, to include further information out-of the considerations produced by the fresh new VBS Panel regarding Directors with its analysis of your appropriateness out-of appointing Mr Madzonga since the COO. Inside the 3rd answering affidavit, Mr Madzonga incorrectly claimed your Registrar from Banking companies only informed VBS it was not satisfied along with his financial sense and that the Registrar asked getting furnished with reasons for having their making his prior a career having MTN.
The newest letter regarding the Registrar are addressed so you’re able to Mr Matodzi and you can Mr Ramavhunga (the principle Professional Manager of VBS) on the age date, Matodzi sent the brand new page to Mr Madzonga to their VBS current email address target. It conclusively indicates that Madzonga was still employed by VBS into the , in comparison to his allegations within his 1st responding affidavit which he is appointed pretending COO throughout for just about three months.
Mr Madzonga, within his 3rd responding affidavit, backtracked, asserting that while awaiting the outcome of the DI 020 software, he had been appointed just like the Acting COO away from VBS getting an occasion regarding 90 days of
Given this paradox, my end is the fact Mr Madzonga, basic, tried to mislead the newest Registrar regarding Banking institutions because of the withholding pointers you to definitely indicts their character. Second, he and desired to make an impression one their period because the COO of VBS is actually regarding quick cycle so you’re able to distance themselves from one involvement in the ripoff and you can thieves enough time facing VBS, particularly in this new 2017 season and you can after that.
Mr Madzonga acknowledges bill of letter on Registrar regarding Banking companies. He cannot refuse the brand new content thereof. Mr Matodzi, because Chairperson of your own VBS Board, failed to give the newest Registrar to the more info required.
Mr Madzonga sits having Mr Matodzi toward Vele’s funding committee. The guy after that consist on panel away from Vele Monetary Properties with Matodzi. Madzonga functions as a movie director from Guarantee Class Professionals (Pty) Ltd (‘Insure’), Black colored Name Telecoms (Pty) Ltd and you can Bonulog (Pty) Ltd. All of these entities gained right from the new fake system.
Significant deceptive transactions you to definitely on it VBS, Vele and Insure, occurred while in the Mr Madzonga’s tenure as Vele’s COO (and soon after it’s Chief executive officer) and a director of Insure.
Through the , Mukhodobwane and Phillipus Nicholas Truter, the new after that Head Monetary Administrator off VBS, on directions out of Mr Matodzi, composed a beneficial ‘VBS Business Suspense’ membership through the payday loans Mankato KS EMID Program. New account try fictitiously paid having some R250 mil. This created an impression about EMID System one fund got been transferred into VBS ‘Corporate Suspense account’ whenever zero including deposit was made.