JOHANNESBURG, February 20 – The South African Institute of Chartered Accountants (SAICA) on Wednesday said that its disciplinary committee had ordered the membership cancellation of former VBS Mutual Bank chairperson, Tshifhiwa Matodzi.
SAICA also said that the partly-heard sequestration matter of Matodzi’s right-hand man, former VBS chief executive Andile Ramavhunga, would proceed in April. The date was still to be confirmed.
Ramavhunga and Matodzi were fingered as some of the ringleaders in advocate Terry Motau’s “The Great Bank Heist” report last year. They are accused of having benefited from “wide-scale looting and pillaging” of nearly R2 billion from deposits at the bank.
VBS collapsed and was liquidated after its senior executives allegedly used it as a Ponzi scheme to enrich themselves and their immediate associates at the expense of municipalities and ordinary depositors.
Ramavhunga and Matodzi were brought before the SAICA disciplinary committee late last year to answer to the allegations.
Both were provisionally sequestrated in the South Gauteng High Court in Johannesburg in August after a successful application by VBS curator, Anoosh Rooplal.
Matodzi was sequestrated and had his company, Vele Investments, liquidated after curators alleged that the company unlawfully earned R745 million from the alleged fraud, said to have been carried out by bank executives.
Ramavhunga insisted that the R15 million he received from Vele’s banking accounts at VBS was payment for consultancy services rendered. But the court found that his claim was false, and that the proceeds were from probable fraud.
Both Matodzi and Ramavhunga have denied any wrongdoing. (ANA)