He was the chairman of both VBS and a company called Vele Investments, which obtained the majority shareholding in VBS through a scam, Motau found. premises of Vele Investments Limited ("Vele") in Sandton. Truter was the sole director at Shangri La Investments. together with his co-directors and Madzonga. Vele was the major shareholder in Insure and VBS. The King is a co-owner of Dyambeu Investments who hold a 26% stake in VBS Mutual Bank. Vele Investments is VBS Mutual Banks’s largest shareholder. luring deposits to the bank.
The Motley Fool Canada is Offering 65% Off Its Top Stock-Picking Service. Madzonga was the CEO of Vele and a director of Insure, which was the subsidiary of Vele. · VBS-linked companies Vele Investments, Vele Petroport Holdings and Venmont paid R7. Former executive director and CEO of VBS. Executive Director at Amada Investment.
Of the R2-billion that was taken, Vele received R936-million, which was used to purchase several other companies. · A power struggle between two central figures in Vele Investments, the company which may vele investments directors have become beleaguered VBS Mutual Bank’s majority shareholder through fraudulent means, has led to claims. Former Vele Investments CEO Robert Madzonga says there is nothing linking him to the millions of rand looted from the bankrupted VBS Mutual Bank. This is the very same bank which shortly after the announcement of the planned coronation granted the massive R7.
It allowed Vele to become VBS’s largest shareholder, with 26% of the stock. Over 20% return per year have been achieved since 1996 by the managing team of directors. On Tuesday, provisional sequestration orders were granted against three other VBS bosses: Tshifiwa Matodzi, the former chair of VBS&39;s board of directors and also director and chairperson of Vele Investments, Phillip Truter, the bank&39;s chief financial officer; and Phophi Mukhodobwane, the bank&39;s general head of treasury and capital management.
VBS Bank scandal: Wife of Vele Investments CEO spills the beans. · VBS Mutual Bank continues to find itself in choppy waters as allegations of mismanagement continue to mar the group, a situation described by the ruling party as a sorry state of affairs. Sasa Nemabubuni R– General Sales Manager of VBS.
· Tshifhiwa Matodzi, former chair of the bank, Robert Madzonga, CEO of Vele Investments and a former COO of VBS, and Kabelo Matsepe, a former leader of the ANC Youth League in Limpopo, were named in. You Won&39;t Want to Miss The Stocks Our Team Recommends. The money was used as a “slush fund”, Motau’s PIC report states. The upward revisions to growth, for and beyond, has reduced the earlier strain on the budget deficit as well as the debt burden, which will probably provide relief from an immediate credit downgrade for the country, says Maqhawe Dlamini, chief investment officer and director of Vele Asset Managers. According to a Sunday Times report, he bought a substance called Micromix – derived from bacteria – from a British Virgin Islands company, Anait Technology, in. Vele had more than R63 million in one of the bank accounts. The investments to be acquired are solidly in the experience of these persons. · Robert Madzonga, who served as VBS COO and CEO of its parent company, Vele Investments, says the fact that he was not arrested shows he “did not steal a cent”.
Tshifhiwa Matodzi, the chairman of Vele Investments, has quit as questions swirl around VBS Mutual Bank — one of Vele’s largest investments — and the reasons for its curatorship. Sifiso Nxumalo is Managing Director at Vele Asset Managers (Pty) Ltd. Munyai Investments, of which Ramavhunga is also the sole director, received R3.
See the complete profile on LinkedIn and discover Tshifhiwa’s connections and jobs at similar companies. · Matodzi was a founder and chairperson of Vele Investments and was identified as the kingpin and the biggest beneficiary of the alleged fraud and corruption after he secured R325million from VBS. 7 million from the Vele vele Investments and Vele Petroport accounts between 25 August vele investments directors and 3 July. View Sifiso Nxumalo’s professional profile on Relationship Science, the database of decision makers.
Vele investments chief executive Robert Madzonga R30,372,282 VBS chief executive Andile Ramavhunga R28,925,934 VBS retail managing director Solly Maposa R24,441,877. Vele Asset Managers Aug - vele investments directors Present 3 years 5 months. Matodzi himself, vele investments directors forensic investigations found, received R325-million. Matodzi was the main culprit and took the most – R325 million - according to advocate Terry Motau’s report (VBS Mutual Bank. Johannesburg Area, South Africa Mvunonala Asset Management. Tshifhiwa has 2 jobs listed on their profile.
Vele Investments Group. · According to a report compiled by Advocate Terry Motau on the bank, Vele Investments, the biggest shareholder in VBS had benefited to the tune of R745m from the VBS scheme and Matodzi was said to. 45-million to Parallel Property Holdings. Khosi Madzonga, the wife of Vele Investments CEO Robert Madzonga, spoke to Talk Radio 702 about the VBS scandal. By: Maqhawe Dlamini, chief investment officer and director of Vele Asset Managers.
17 of the EU Market Abuse Regulation (EU 596/, MAR), where applicable. Disclosure of inside information is pursuant to Art. Two Vele Investments bigwigs are at the heart of a power struggle as the VBS fraud saga continues. we offer forex trading services.
Article Thanduxolo Jika-. Acting Deputy Judge President Moroa Tsoka wasted no time on Tuesday in granting a final liquidation order against Vele Investments, the bank’s controlling shareholder. · Vele’s directors allegedly not only used depositors’ money to live large buying cars and houses, but also to acquire practically vele investments directors all their other businesses – and even control over VBS itself –.
The looting scheme worked like this: Vele Investments first sought the help of VBS chief technology officer Philip Truter, who allegedly created fictitious deposits in the bank’s IT system, which were then converted to equity in the bank. 8Million loan to President Zuma. Avashoni Ramikosi R– Non-Executive Director of VBS / Former Financial Director of SAPS.
The returns achieved by the management and directors in the funds they have managed to date. Takalani Mmbi R– Manager of finance and administration of Brilliantel. Further PIC bloodletting in wake of VBS looting.
VBS Mutual Bank continues to find itself in choppy waters as allegations of mismanagement continue to mar the group, a situation described by the ruling part. · Business person Maanda Manyatshe, former chair of Vele Investments – which is implicated in the vele investments directors looting of almost R2bn from VBS – has suffered another setback. · Vele Investments not only paid bonuses to its own directors, but also allegedly paid Mukhodobwane R10 million and Truter R5 million. Motau undertook a five-month investigation which included the review of documents seized from VBS and Vele Investments, VBS&39; largest shareholder, and conducted extensive interviews with the role. Maanda Manyatshe R– president of Vele Investments, former head of MTN. · Vele Investments, which owns 53% of VBS Mutual Bank, and its executives have been thrust into the spotlight after the bank collapsed under the weight of hundreds of millions of rands in unpaid. View Tshifhiwa Matodzi CA(SA)’s profile on LinkedIn, the world’s largest professional community. R795 000 was also transferred from these accounts and the Venmont account to Ramavhunga’s personal account.
Sabicorp R. Robert Madzonga, CEO of Vele Investments, said in a statement yesterday that the directors would visit the king&39;s official residence, House at Dzata, in Dzanani, Limpopo. VeleV Capital specializes in large-scale portfolio investment in real estate and financial sectors, focusing on projects and instruments which combine healthy returns with a minimized risk to the investment portfolio. A warrant was issued by a High Court Judge on and on Monday, 7May, a search and seizure operation, as contemplated in section 137 of the FSR Act, Investigator s Report to the Prudential Authority 7. Get a detailed Company Report for VELE PETROPORT, K/149861/07.
Provisional sequestration orders have so far been granted against Tshifiwa Matodzi, the former chair of VBS’s board of directors, and also the director and chairperson of Vele Investments; as well as Phillip Truter, the bank&39;s chief financial officer; and Phophi Mukhodobwane, VBS’s general head of treasury and capital management. None of them was employed by Vele. In the majority, the funds stolen represent investments made by numerous local and district municipalities from around the country.
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