Msiza resigns as ANC Limpopo treasurer after evidence ties him to VBS looting

Msiza resigns as ANC Limpopo treasurer after evidence ties him to VBS looting

- ANC Limpopo treasurer Danny Msiza has stepped down after the presentation of evidence implicating him in the VBS Looting

- VBS had granted a company owned by Msiza a R9.5 million home loan under suspicious circumstances

- Further than this, more then R1.5 million has been paid to the same company from slush funds linked to VBS

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The High Court has seen new evidence that ANC Limpopo treasurer general Danny Msiza has personally benefited from the VBS Mutual Bank scandal, despite vehemently denying any involvement.

Msiza has stepped down from his position today, in a move which he says is not an admission of guilt. However, this comes just hours after the revelation of the evidence Advocate Terry Motau had uncovered.

More than R1.5 million was paid to Mojovax, a company which he and his wife are directors of, from Kabelo Matesepe who had facilitated unlawful deposit from municipalities into VBS.

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Moshate, a company owned by Kabelo Matesepe, assisted in acquiring a R9.5 million bond from VBS granted to Mojovax under suspicious circumstances. The application for the bond had numerous gaps in information, as well as no supporting documents.

Despite this, the loan was granted and the repayment arrangements had not been met, with just R716 000 being paid in directly from Msiza’s company.

Danny Msiza had been fingered in ‘The Great Bank Heist’ report by Advocate Terry Motau SC as a kingpin who had used his influence to facilitate investments by Limpopo municipalities in VBS, amounting to hundreds of millions of rands.

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After the infamous bank was placed under curatorship earlier this year many of the municipality’s deposits had been frozen. The municipalities are now facing financial ruin as a result of this and the odds of them being placed under administration are quite high.

Municipal officials are alleged to have been paid bribes disguised as ‘commission’ to assist the illegal investments, which in turn were used to hide cash gaps in the bank's finances.

Motau put forward evidence to suggest that Moshate Investments received a staggering amount of R27 million from December 2015 to March 2018.

In exchange for Matsepe introducing municipalities to VBS and subsequent investment from the municipality, he would earn commission from VBS which would be paid from assorted slush fund accounts.

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Source: Briefly.co.za

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