Madzonga: I am not scared of jail, I have been arrested before

Madzonga: I am not scared of jail, I have been arrested before

- Former Vele CEO Robert Madzonga has continued to maintain his innocence in the VBS saga

- Madzonga said he is not celebrating that he is not part of the arrests because there is nothing to celebrate

- Madzonga added that when VBS was ailing he put his own money on the line

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Former Vele CEO Robert Madzonga said he has no links to the millions looted in the VBS Mutual Bank scandal.

In an interview with PowerFM, Madzonga maintained his innocence in the looting. He said he would not be in this situation had he not "tried to be a Samaritan".

Last week, seven out of eight suspected linked to the collapse of the now-defunct bank appeared in the Palm Ridge Magistrates' Court.

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The Specialised Commercial Crimes Court granted bail of R100 000 to each of the seven men accused of looting from VBS Mutual Bank. An eighth suspect did not appear in court after having tested positive for the Covid-19 virus. reported that the Hawks are expected to make a 'second wave' of arrests, which will target municipal officials, mayors and businesspeople linked to the VBS looting.

Madzonga said:

"I am not even celebrating that I was not part of the arrested individuals because there is nothing to celebrate. I want to tell people, even my haters, that I am not scared of jail. I mean I have been arrested before in 80s during apartheid."

The Daily Maverick revealed that Vele Investments is linked to the VBS case and WhatsApp messages reveal over a R1 million transferred to Vele Investments.

In a report by Advocate Terry Motau titled "VBS Mutual Bank – The Great Bank Heist”, it is alleged that between 2015 and early 2018, when the South African Reserve Bank (SARB) placed VBS under curatorship due to a liquidity crisis, chairperson of the bank, Tshifhiwa Matodzi, together with his co-directors and Madzonga, facilitated the looting of nearly R2 billion.

Madzonga adds that he contributed money from his pocket to assist the bank as it was struggling financially, said News24.

He said he put in R3 million from his FNB account to VBS and also got a friend of his to put R15 million into the bank.

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