- The CEO of VBS Mutual Bank claims that he was in the dark about the alleged fraud and corruption taking place at the bank
- It was only when the bank went into curatorship that he claims he became aware of the alleged crimes
- He also disputes that his R1.5-million bonus was irregular
Andile Ramavhunga, the former CEO of VBS Mutual Bank, claims that he knew nothing of the alleged fraud and corruption totaling a massive R1.5-billion.
He stated this in an affidavit responding to an application brought forward by VBS curator Anoosh Rooplal to sequestrate the former CEO and other directors.
His affidavit does not confirm nor deny that any fraud actually took place but he simply maintains that nobody informed him.
Ramavhunga says that he was not present in any of the discussion in which the plans to defraud the bank and its clients took place.
Briefly.co.za learned that he claims that he first learned of the plans to loot the bank during a meeting which took place on the day the bank went into curatorship according to news24.com.
As soon as he learned of the plans he left the meeting saying that he was exposed to information that he had no prior knowledge of.
Ramavhunga has taken exception to one allegation levelled against him besides pleading ignorance to the other charges. He claims that the R15-million bonus paid to him was above board.
He claims that the bonus was a reward for brokering a deal between Vele Investments and Mvunonala Holdings.
For more amazing, funny and informative videos, please visit Briefly South Africa's YouTube Channel.
Do you have a story to share with us? Inbox us on our Facebook page and we could feature your story.