Chickens come home to roost for show-offy ‘VBS big shots’

The trouble with showing off on social media is that it’s all fun and games until someone loses R1.5 billion.

Amid the ongoing scandal and bad news that surrounds the troubled VBS Mutual Bank, photographs and videos purporting to be linked to bank executives and others associated with it continue to be widely shared.

The Citizen has already established that some of these images are authentic, particularly in the case of the wife of Vele Investments CEO Robert Madzonga, Khosi Madzonga. She previously uploaded photos of herself next to flashy cars and a helicopter, all allegedly purchased with VBS loot. Her husband was the bank’s chief operating officer; she was dropped as a Brand SA ambassador earlier this month.

Khosi Madzonga with a helicopter.

Fin24 further reported on Friday about the massive “internal looting” at the bank of more than R1.5 billion, according to court papers submitted by the bank’s curator.

A screenshot allegedly of a Madzonga family member showing off.

Several ordinary clients, at least 13 municipalities and the Public Investment Corporation (PIC) have allegedly been defrauded.

VBS plans to apply for an order to have Madzonga’s estate placed under provisional sequestration on July 24.

Tshifiwa Matodzi, the former chair of the bank’s board of directors; Phillip Truter, the chief financial officer; Phophi Mukhodobwane, the general head of treasury and capital management, as well as the director and chairperson of Vele Investments; and Malusi Ramavhunga, VBS’s chief executive officer, are also in line to be provisionally sequestrated.

In a court affidavit, Mukhodobwane reportedly admits to purchasing a Bell 222 helicopter for nearly R13 million, allegedly at Matodzi’s instruction.

It was never accounted for in the bank’s books. Matodzi also allegedly asked for R5 million in cash to be withdrawn in order to bribe “a senior executive” at the PIC.

It’s also alleged that bribes were paid to decision makers at the Passenger Rail Agency of SA (Prasa) to get Prasa to “invest” R1.5 billion in VBS, which fortunately didn’t happen despite a R1.5 million bribe allegedly being paid.

Dodgy bonuses were also allegedly paid to Matozi (R18 million), Ramavhunga (R15 million), Mukhodobwane (R10 million) and Truter (R5 million).

When the scandal first broke in June, it was reported that Venda King Toni Mphephu Ramabulana had accused the bank of fraud and corruption after he himself was implicated in allegations of millions being splurged. Photographs of the king with individuals said to be linked to VBS have also been making the rounds.

Ramabulana claimed he was left with enormous debt after his name was allegedly used to secure money from the bank. The king vowed to open a case of fraud and corruption against Matodzi and Madzonga.

In other photographs, the king also appears, including in one of what appears to be him disembarking from the Bell 222 helicopter, though it’s not certain that it is indeed the king.

Entourage disembarking from Bell 222 helicopter.

The Citizen has not been able to definitively establish the identities of all the people in these videos and photos and whether they are indeed linked to the VBS scandal.

However, many people on social media, including UDM leader Bantu Holomisa, have linked the individuals in these photos to the apparently never-ending stream of cash that was being used from VBS to not only fund lavish lifestyles but which also allegedly saw the beneficiaries showing off just how cash-flush they actually were.

Another image that has been widely shared and is allegedly linked to VBS.

Take a look. In the video below, three men can be seen handing cash around and getting almost orgasmic about touching it.

In this one, there’s even more cash, including $100 US bank notes. We honestly have no idea if this clip has anything to do with VBS, but technically, it isn’t legal for a South African citizen to possess foreign exchange like this in South Africa, since one is legally obligated to exchange it for local currency as soon as possible. So here’s this clip anyway.

In this next video, someone in a luxurious car is explaining that he’s heading home to Venda and that he’s living this lifestyle because he works hard and has made the right choices, apparently.