Former VBS boss to appeal against sequestration
CEO of Vele Investments and former VBS Mutual Bank COO Robert Madzonga has instructed his lawyers to appeal against a final sequestration order.
‘I’m aware of the court’s decision. I’m appealing, and I will not hand over any of my assets and properties to the liquidators,’ Madzonga said.
‘I am presumed innocent until the appeals court says otherwise,’ he is quoted as saying in a Business Day report.
Madzonga is said to have benefited by more than R30m through a network of companies and fronts from VBS. He was named in the report, ‘The Great Bank Heist’, released in 2018 by Advocate Terry Motau.
The report, commissioned by the SA Reserve Bank, found that over the past three years more than 50 people had benefited from ‘gratuitous’ payouts adding up to almost R2bn from the Limpopo-based bank.
VBS liquidator Anoosh Rooplal said he was not aware of an appeal application.
‘We, however, cannot stop any person or entity from enforcing their legal rights. As a liquidator I will continue to follow due legal process, and will take the actions necessary to recover all monies owed to the bank,’ Rooplal said.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
