Mr Madzonga is an admitted attorneys with well over 23 years’ experience in the economical and you can corporate financing team parts, which includes the brand new courtroom and you may regulatory environment. He states in the answering affidavit that he initial became in it with VBS for the once the a consultant and advisor, chiefly assigned that have exposing new customers. Mr Madzonga further manufactured in this responding affidavit he was designated just like the acting Master Operating Manager (‘COO’) for VBS for a few months throughout the , pending recognition on Registrar away from Banks to own a long-term appointment in terms of the regulating standards.
Rather, Mr Matodzi, in the skill since the Administrator Chairperson regarding Vele, appointed Mr Madzonga since the COO and soon after President having Vele
In this regard, new Registrar referenced Mr Madzonga’s incapacity to focus on within his DI 020 application, you to in the course of their a job which have MTN (Pty) Ltd, this new Hawks investigated his part on ICT Indaba Sponsorship in the 2013; there was basically accusations out-of misconduct and you will irregularities as he is actually the chief Business Officer regarding MTN; hence an extensive forensic declaration by PricewaterhouseCoopers towards the ‘alarming proof corruption’ at the MTN particularly referenced your.
The brand new Registrar off Finance companies questioned Mr Matodzi, the new Chairperson of Panel out of VBS, to add more info out of all considerations made by this new VBS Panel of Administrators within the research of your own appropriateness of appointing Mr Madzonga because the COO. Inside the 3rd reacting affidavit, Mr Madzonga falsely advertised that the Registrar from Banks just advised VBS it was unhappy together with financial sense and you will the Registrar questioned to be supplied with things about their leaving their prior a position that have MTN.
The new page throughout the Registrar is handled in order to Mr Matodzi and you may Mr Ramavhunga (the principle Administrator Manager off VBS) on the age big date, Matodzi sent the page to Mr Madzonga to help you their VBS current email address target. It conclusively indicates that Madzonga had been utilized by VBS towards the , in comparison to his accusations within his initially answering affidavit that he is actually appointed pretending COO while in the for three months.
Mr Madzonga, in the third answering affidavit, backtracked, saying you to definitely if you are looking forward to the outcomes of DI 020 application, he had been designated while the Acting COO away from VBS to possess a time of 90 days regarding
With all this contradiction, my completion would be the fact https://perfectloans24.com/payday-loans-wi/fountain-city/ Mr Madzonga, very first, made an effort to misguide this new Registrar away from Banking institutions by withholding recommendations you to definitely indicts his profile. 2nd, the guy together with looked for to create a viewpoint you to definitely their tenure once the COO of VBS is actually regarding quick duration so you can range himself regarding any involvement on scam and you may theft the time against VBS, especially in brand new 2017 seasons and you can afterwards.
Mr Madzonga admits acknowledgment of letter about Registrar from Banking companies. He doesn’t reject the new material thereof. Mr Matodzi, once the Chairperson of the VBS Panel, don’t give the newest Registrar toward much more information necessary.
Mr Madzonga is with Mr Matodzi on Vele’s financial support panel. He next sits towards the panel from Vele Monetary Attributes that have Matodzi. Madzonga serves as a movie director away from Insure Classification Professionals (Pty) Ltd (‘Insure’), Black colored Term Telecoms (Pty) Ltd and you may Bonulog (Pty) Ltd. Each one of these entities gained right from the brand new fake system.
Tall fraudulent purchases you to definitely with it VBS, Vele and Insure, happened during the Mr Madzonga’s tenure since the Vele’s COO (and later it is Ceo) and a movie director from Guarantee.
While in the , Mukhodobwane and you can Phillipus Nicholas Truter, new next Captain Financial Officer away from VBS, towards the guidelines off Mr Matodzi, written a great ‘VBS Corporate Suspense’ membership through the EMID Program. The new membership try fictitiously credited which have some R250 million. This created an opinion regarding EMID Program one to funds had become transferred towards VBS ‘Business Anticipation account’ whenever zero like deposit got made.