VBS chairman's family trust possibly linked to bank's looting

VBS chairman's family trust possibly linked to bank's looting

- VBS Mutual Bank's former chairman is accused of also looting from the bank

- According to the bank's curator Anoosh Rooplal, Matodzi received R5 million into his family trust fund

- Matodzi did not wish to comment on the claims of theft against him

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The investigation into the VBS Mutual Bank looting has revealed yet another person's personal gain from the bank.

Tshifhiwa Matodzi, former chairman of the bank, has allegedly received R5 million from Vele Investments. The money was supposedly paid into Matodzi's family trust.

Matodzi resigned as chairman of the bank in March when it was placed under curatorship.

VBS curator Anoosh Rooplal is investigating this particular case of looting while also looking into the VBS bank's collapse.

The Mail&Guardian reports that Rooplal has indicated Matodzi as the mastermind behind the scheme.

The Shimba La Ndou Family Trust is one of the main accounts that are implicated as receiving payments and are part of the court application by Rooplal.

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According to the records, R4 million was withdrawn in December 2016 with another amount of R712 166 following not long after. Then in December 2017, another withdrawal was made - this time in the amount of R283 799.

Matodzi's trust fund was allegedly also used to make personal payments to workers and on a farm bond.

Matodzi wasn't available for comment on the accusations.

Briefly.co.za has reported on the VBS scandal and how it unfolded as news first broke after billions of depositors' money disappeared.

People linked to the VBS Mutual bank scandal has been accused of living the good life on other people's money, according to a follow-up report by Briefly.co.za.

The VBS Mutual Bank looting has affected more people than one would think:

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Source: Briefly.co.za

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