VBS Mutual Bank ‘looters’ — this is how much money each allegedly scored, and it’s not small amounts

The indictment shows that a Peter Mukhodobwane, who was the sole shareholder of Lamawave, was a front for Phophi Mukhodobwane, the former treasurer.

In total, Mukhodobwane received R17.1 million into Lamawave and the “Mukhodobwane” accounts.

Accused number 5: Sipho Malaba

The document shows that a company called Ihaawu Lesizwe, owned by Jacqueline Jaseman Malaba and Bafana Milundelwa Malaba, had the following accounts at VBS Mutual Bank: two vehicle finance accounts, a mortgage account and a classic business account.

Betanologix, another company owned by Jacqueline Jaseman Malaba and a Mwise Mapepo also had an account at VBS Mutual Bank.

Up to March 2018 both companies, which the indictment claims were fronts for Sipho Malaba, received up to R29.2 million.

Further, on Matodzi’s instruction, an amount totalling R654 000 was paid into the trust accounts of Makaula Zilwa Inc and NGL attorneys on behalf of Malaba.

Accused number 6: Avashoni Ramikosi

The indictment shows that a company called Zanoware, owned by Alice Manye, was a front for Ramikosi. The company had received up to R750 000 from the Venmont, one of the many accounts controlled by Matodzi.

Accused number 7: Enerst Nesane

Nesane, the prosecutors will argue, received up to R1.1 million into the account of a company called Parallel Properties owned by Rudzani Ndwammbi.

Ndwammbi, prosecutors will argue, was a front for Nesane as all monies received by Parallel Properties benefited the former PIC executive.

Also, on the instruction of Matodzi, prosecutors revealed that Nesane benefited from R5.6 million which was paid into Parallel Properties from the Vele account.

Accused number 8: Paul Magula

The indictment shows that a company called Investar Connect Holdings, owned by a Lot Magosha, was a front for Magula.

The company was paid R2.8 million for the benefit of Magula on instruction from Matodzi.

Another company, Hekima Capital, which had an account at VBS Mutual Bank, received R3.3 million on behalf of Magula on Matodzi’s instruction.

The indictment shows that a company called Investar Connect Holdings, owned by a Lot Magosha, was a front for Magula.

The company was paid R2.8 million for the benefit of Magula on instruction from Matodzi.

Another company, Hekima Capital, which had an account at VBS Mutual Bank, received R3.3 million on behalf of Magula on Matodzi’s instruction.

In the indictment, prosecutors claim that all eight accused were associated an had formed an enterprise with the intention to defraud VBS Mutual Bank and enrich themselves in the process.

“The accused among other made use of the following legally registered entities to wit VBS Mutual Bank, Vele Investments (Pty) Ltd, Vele Petroport Holdings SA (Pty) Ltd, Venmont Holdings (Pty) Ltd  and Robvet (Pty) Ltd to provide continuity of structure for the unlawful activities of the enterprise.

“The accused all associated with the enterprise. Members of the enterprise gained overall control of the financial systems of VBS Mutual Bank.

“The primary purpose of the enterprise was to enrich the members and associates through the theft of money from the general pool of funds in VBS Mutual Bank.

“The theft of the money was covered up through various acts of fraud and money laundering.

“Members of the enterprise also received and made corrupt payments as indicative of their and/or other people, known and unknown to the state, participation in the theft, or at the very least, in the acts of fraud that covered up the theft.”

By Sipho Masondo- TimesLIVE