PICS: Are these the photos showing off the VBS Bank loot?

Photos from social media that were sent to The Citizen on Thursday strongly suggest that at least some of the luxuries captured in the images below could be linked to the scandal around VBS Mutual Bank and its controversial executives.

Over the weekend, it was reported that Venda King Toni Mphephu Ramabulana accused the bank of fraud and corruption after he himself was implicated in allegations of millions being splurged to fund the lavish lifestyles of a number of people linked to the bank.

In a report in the Sunday Times, it was revealed that Ramabulana claims 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 VBS’s former chairman, Tshifhiwa Matodzi, and Vele Investments’ CEO Robert Madzonga, whose company is VBS’s biggest shareholder.

It is alleged the men misused millions in depositors’ funds to go on spending sprees, splurging on, among other things, a helicopter for the king, luxury homes, and designer clothes and sports cars, allegedly all through a series of vehicle finance deals, mortgage bonds and complex intercompany loans between VBS, Vele Investments and its subsidiaries.

Ramabulana, Matodzi and Madzonga allegedly helped themselves to hundreds of millions of rands in this way to finance their extravagant lifestyles.

When investigating these photos, The Citizen established that the young woman in the photos appears to be in a relationship with Madzonga, and is most likely his wife.

On her personal Facebook account she describes Robert Madzonga as “her everything”.

A post in which Khosi Madzonga describes Robery Madzonga as “my everything”. Picture: Facebook

Khosi Madzonga with Robert Madzonga. Picture: Facebook

Khosi Madzonga with Robert Madzonga. Picture: Facebook

Some of the images you see below have by now been deleted off her Instagram and Facebook profiles, though many of them still exist on Facebook.

Khosi Madzonga with Robert Madzonga.

She also uses the name “Khosi Khoza” on Facebook.

Her full name is Abegail Makhosi Madzonga and her biggest current claim to fame is being a 2018 Mrs South Africa semifinalist. She describes herself as a Brand South Africa Ambassador sponsored by Satiskin and the founder of www.cynderellascloset.co.za.

Her business website was, however, not functioning on Thursday.

Screenshot: Khosi Madzonga/Facebook

She appears as a Miss Earth finalist in earlier photos.

We were also sent the following photograph of her with a helicopter, which may be the Bell aircraft referred to in reports, and which was allegedly bought for the king, though he disputes that now.

Khosi Madzonga with a helicopter.

Khosi Madzonga with a bling SUV. Picture: Facebook

Khosi Madzonga with a Lamborghini. Picture: Facebook

Most of her photos see her living a glamorous life. An article about her published in the Greytown Gazette earlier this year revealed that she went to school in Greytown, is married with a now 16-month-old young daughter and three stepchildren, and lives with her family in Johannesburg.

She told the Gazette: “I want to be the helping hand that I myself did not have as a child.”

Readers were urged in April to help Mrs Madzonga raise at least R20,000 for charity as part of her Mrs South Africa bid.

In another article in the Fourways Review, it was revealed that she had been in a relationship with her husband for nearly a decade, though she claimed they’d only been married for “two years”.

Screenshot: Fourways Review/Facebook

When The Citizen contacted the journalist who wrote the above story, Robyn Kirk said Mrs Madzonga had only talked about her husband very briefly in their interview, and Kirk could not confirm any details about the marriage.

According to Mrs Madzonga’s Facebook account, she only married her husband on 27 September last year. At no point does she openly state that her husband is Robert Madzonga.

In one post in which she appears with a flashy car, she tells an admiring friend: “lol I know Nhlanhlo if you see me on Facebook u must know I have work to accomplish I am not at all a social media person I prefer my life as private as possible but I gotta do what I gotta do my chu chu.”

Picture: Khosi Madzonga/Facebook

About R1.5 billion in taxpayer money deposited into VBS by at least 14 municipalities is still said to be at stake in various provinces. The Public Investment Corporation, which manages the Government Employees Pension Fund (GEPF) and is one of the bank’s largest shareholders, also stands to lose millions. About R900 million is said to still be totally unaccounted for.

In March, Reserve Bank governor Lesetja Kganyago placed the bank under curatorship, citing its liquidity issues. Last year, Treasury put a stop to municipal deposits into VBS because of legislation that dictates municipalities may only make deposits with full commercial financial institutions, not a mutual bank such as VBS. This led to its liquidity crisis.

The bank became a household name after it granted then president Jacob Zuma a loan for the R7.8 million he owed on repaying improperly government-funded upgrades made to his private Nkandla residence.

Khosi Madzonga

Khosi Madzonga

The Citizen contacted Brand SA on Thursday to attempt to reach Mrs Madzonga for comment, but this was not immediately helpful.  The offices of the Mrs South Africa pageant also rang without being answered. We also attempted to reach Mrs Madzonga through her Facebook account.

Other efforts to obtain Mrs Madzonga’s phone number were not successful, although The Citizen did email her for comment on Thursday.

We additionally asked her to provide Robert Madzonga’s views on the recent reports about VBS and Vele Investments in the event that she had easy access to him.

If and when Mrs Madzonga responds, this article will be updated to reflect that.

But how do you buy something like 9 cars? Why? #KhosiMadzonga #vbslooting #VBSBANK

— Nkosi Scott (@Muskidd) June 28, 2018