I worked for that money! - Robert Madzonga (VBS shareholder Vele Investments)

(The Money Show is brought to you by Nedbank. See Money Differently.)

Also, read:

*Did Floyd Shivambu and the EFF benefit from the looting of VBS Mutual Bank?

*Execs at VBS Mutual Bank plundered it to death, it can’t be saved - report

Was the intention to always rob the bank?

Bruce Whitfield, The Money Show

No there has never been an intention to rob the bank, from Vele’s point of view…

Robert Madzonga

Vele Investments' former CEO Robert Madzonga says Chairperson Tshifhiwa Matodzi betrayed and lied to him over the R2 billion plundering to death of VBS Mutual Bank.

Vele Investments is VBS Mutual Banks’s largest shareholder.

Matodzi was the main culprit and took the most – R325 million - according to advocate Terry Motau’s report (VBS Mutual Bank — The Great Bank Heist).

Madzonga received “only” R30 million; he maintains that every rand he’s ever received from Vele Investments and VBS Mutual Bank was income for work he did.

Advocate Motau’s report, however, has it that Madzonga was employed as acting COO for about a month (between May and June 2016) yet he still received a salary in September and October on top of his R300 000 per month salary he received from Vele Investments.

Who is to blame?

Bruce Whitfield, The Money Show

I think the report is clear… it points to people who have confessed… people should not find people guilty by assumption…

Robert Madzonga

The Money Show’s Bruce Whitfield interviewed Madzonga.

Listen to the interview in the audio below.

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Why Mergence Investment Managers is buying Standard Bank and Mr Price

Why Mergence Investment Managers is buying Standard Bank and Mr Price

The Money Show’s Bruce Whitfield asks investment analyst Nolwandle Mthombeni to share her stock picks of the week.

Decade of corruption under Jacob Zuma cost SA up to R1tr – Cyril Ramaphosa

Decade of corruption under Jacob Zuma cost SA up to R1tr – Cyril Ramaphosa

It was shocking and astonishing to hear the President talk about such a high figure, says Financial Times reporter Tom Wilson.

Clicks and Dis-Chem join Wellness Warehouse in stocking CBD oil (dagga oil)

Clicks and Dis-Chem join Wellness Warehouse in stocking CBD oil (dagga oil)

Outlawed and stigmatised for 90 years; dagga-products are making their way into pharmacies across the country.

How to save and buy an island (you need only R2000 per month)

How to save and buy an island (you need only R2000 per month)

Saving money on boring stuff such as a car can allow you to do really outrageous and courageous stuff, says Sam Beckbessinger.

Did Floyd Shivambu and the EFF benefit from the looting of VBS Mutual Bank?

Did Floyd Shivambu and the EFF benefit from the looting of VBS Mutual Bank?

The Money Show’s Bruce Whitfield interviews Business Day financial journalist Warren Thompson.

Execs at VBS Mutual Bank plundered it to death, it can’t be saved - report

Execs at VBS Mutual Bank plundered it to death, it can’t be saved - report

"VBS Mutual Bank — The Great Bank Heist". Bruce Whitfield interviews Intellidex Financial Analyst Stuart Theobald.

Popular articles
'Zuma fighting to stop Nkandla being repossessed, can't afford criminal trial'

'Zuma fighting to stop Nkandla being repossessed, can't afford criminal trial'

Zuma is facing fraud, corruption, racketeering and money laundering charges; the trial has been postponed until February.

It's VW, but not as you know it - Why did Volkswagen change its logo?

It's VW, but not as you know it - Why did Volkswagen change its logo?

John Maytham asks what's behind Volkswagen's new-look logo...

Eusebius slams humourous reactions to Bishops teacher's sexual affair scandal

Eusebius slams humourous reactions to Bishops teacher's sexual affair scandal

The teacher has resigned following allegations that she was involved in a sexual relationship with an 18-year old pupil.

[WATCH] Ndlovu Youth Choir showing support to Springboks at Woolies goes viral

[WATCH] Ndlovu Youth Choir showing support to Springboks at Woolies goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

5 retirement saving tips for those who left it late

5 retirement saving tips for those who left it late

It’s better to start late than never! The Money Show’s Bruce Whitfield interviews Jeanette Marais.

[WATCH] Woman faints after hairdresser cuts 12-inch hair without telling her

[WATCH] Woman faints after hairdresser cuts 12-inch hair without telling her

Khabazela shares tweets and Facebook posts that have gone viral.

[WATCH] Tourist steps out of his car to film lions at Kruger National Park

[WATCH] Tourist steps out of his car to film lions at Kruger National Park

Khabazela shares tweets and Facebook posts that have gone viral.

[WATCH] Dad dancing with daughter at school concert goes viral

[WATCH] Dad dancing with daughter at school concert goes viral

Khabazela shares tweets and Facebook posts that have gone viral.