Lifestyles of the rich and infamous: VBS recipients’ flashy, luxury lifestyles exposed

Lifestyles of the rich and infamous: VBS recipients’ flashy, luxury lifestyles exposed

- The VBS Mutual Bank scandal and the subsequent report into what led to the bank’s collapse has exposed more than 50 people for illegally benefiting from R1.89 billion looted from the bank

- The CEO of Vele Investments Robert Madzonga is alleged to have looted around R30 million from the bank, his social media posts seem to indicate a super flashy lifestyle which is way above his pay-grade

- Tshifhiwa Matodzi is the alleged mastermind of the scheme and allegedly looted more than R325 million. Kabelo Matsepe is alleged to have linked the bank with political figures and is alleged to have looted around R35.4 million

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The VBS Mutual Bank scandal is possibly the biggest banking scandal in post-democratic South Africa. The report into the bank’s collapse entitled ‘The Great Bank Heist’ lifted the lid on what led to the bank’s eventual collapse and caused public outcry on a massive scale.

Advocate Terry Motau’s report fingered 53 individuals which include politicians, business people and royalty in the looting of R1.89 billion from the bank’s coffers which ultimately led to the bank becoming virtually inoperable.

READ ALSO: 2nd VAT increase in 2019? Why Economists believe this could really happen gathered that Robert Madzonga, Tshifhiwa Matodzi and Kabelo Matsepe have been identified as three of the main benefactors in the scandal. The men were not afraid to flash and brag about their fleets of supercars and aircraft, luxury homes and dream holidays.

The three men regularly posted pictures and videos on social media platforms which showed an excessive lifestyle which none of them could actually afford on their reported incomes. We take a look at all three, how they took part in the scandal, how much they allegedly looted and how they spent their ill-gotten gains.

Tshifhiwa Matodzi – R325 million

Matodzi is the former chairperson of VBS Mutual Bank. Timeslive reported that Matodzi is thought to be the lynchpin around which the entire scandal was built. The report alleges that Matodzi looted a staggering R325 million from the bank.

Matodzi shared various moments from his luxury ski-holiday in Alaska via Facebook. He lived it up at the Alyeska Hotel a mere four-months before VBS was placed under the curatorship if the Reserve Bank.

Matodzi is reported to own to super-luxury properties in Gauteng. One is R1.5 million home in the exclusive Eagles Canyon Golf Estate outside of Johannesburg. The second is a small farm worth about R1.7 million outside of Pretoria.

Matodzi is a current active director of at least six other businesses in South Africa. He has declined to comment on the matter and has only communicated through his legal representative.

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Robert Madzonga – R30 million +

Madzonga is a former COO of VBS and the current CEO of Vele Investments, the company which many believe masked payments from VBS to individuals. Madzonga is a pastor and according to social media, he was living the dream.

Madzonga is married to beauty queen Khoza Madzonga who has not been afraid to share the couples best live on social media. The couple owns a magnificent grand-mansion worth at least R8.5 million in Blue-Hills, northern Johannesburg and a second home in Plettenburg Bay.

Madzonga is passionate about cars with an incredibly expensive fleet of luxury and supercars which includes a Mercedes tuned by Brabus valued close to R3 million. He also has a Rolls-Royce which costs anywhere from R3 million.

Madzonga’s reported income from Vele Investments was nowhere near enough for him to afford the lifestyle which he and his wife were so brazenly flaunting.

Kabelo Matsepe – R35.4 million

Matsepe is a former Limpopo ANC Youth League leader and is believed to have been the crucial link between VBS and politicians. He strong-armed municipalities into doing business with VBS.

Matsepe received a bond or loan for R5.5 million from VBS which he used to buy a home in Centurion. He is also believed to have used VBS money to buy a R250 000 table at the ANC’s 106th birthday dinner gala.

All three men’s assets and estates have since been sequestrated by authorities on the request of VBS curators.

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