- VBS Mutual Bank has been accused of dipping into the bank clients' money to fund their luxury lifestyles
- Venda King Toni Ramabulana has been linked to these accusations
- Directors of VBS has gifted the king with a herd of cattle to apologise for the embarrassment to him and his family
The VBS Mutual bank has been making negative headlines for a while now, and it doesn't seem to be anywhere near done.
Directors of VBS gave Venda King Toni Ramabulana a herd of cattle. Apparently, it was chosen to serve as an apology for embarrassing the King and his family.
The King's name was linked to the recent problems VBS has been experiencing.
Vele Investments wishes to formally apologise to the king and his royal family and the entire VhaVenda nation for what they are going through as a result of the negative publicity.
The Sunday Times reports that the king's office stated he is not a businessman and that he would not refuse gifts from his subjects. The king would not ask where the gifts come from either.
Briefly.co.za reported earlier that of the R1.5 billion that VBS is accused of using, a large part of this money went to funding the luxurious lifestyles of Vhavenda King Toni Mphephu Ramabulana and other executives.
The R1.5 billion was municipal money invested in the bank - now it's gone. Some of the expenses covered for by VBS bank include expensive shopping sprees, private helicopters, loans, and many luxury cars.
The Reserve Bank placed VBS Mutual Bank under curatorship earlier this year, according to reports by BusinessTech.
Briefly.co.za learned that king Ramabulana was given a salary of R310 000 a month from Vele Investments. This money was deposited into the king's VBS Mutual Bank account.
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