According to the State’s accusation, the eight big heads of VBS Mutual Bank have benefited directly or indirectly from the theft of R2.3 billion.
The indictment was released on Thursday during the bail application of the eight accused.
Tshifhiwa Matodzi, Andile Ramavhunga, Phophi Mukhodobwane, Nhlanhla (Sipho) Malaba, lt.genl. Phalaphala Avhashoni Ramikosi, Ernest Nesane and Paul Magula are facing charges of theft, money laundering, robbery, fraud and corruption.
The deed, which was prosecuted by state prosecutor Hein van der Merwe, follows the trace of large sums of money allegedly embezzled by these eight accused.
According to the indictment, Matodzi had control of several accounts with the bank, including the accounts: Vele Investments, Vele Pertoport, Venmont, Robvet, Khavo, Scorpion and Tiisang.
Between December 21, 2016 and February 2, 2018, R19 million was paid to Dambale Holdings.
Ramavhunga is the sole director of the company.
Munyai Investments, of which Ramavhunga is also the sole director, received R3.7 million from the Vele Investments and Vele Petroport accounts between 25 August 2016 and 3 July 2017.
R795 000 was also transferred from these accounts and the Venmont account to Ramavhunga’s personal account.
Truter was the sole director at Shangri La Investments.
R2 million was paid from Shangri La between November 20, 2017 and December 15, 2017 from the Vele Investments account.
Mukhodobwane’s Lemawave company received R16.6m from the Vele Investments account and Robvet account, among others.
R500 000 was also paid into his personal account from the Vele Investments account.
According to the deed, Malaba was the beneficiary of Ihaawu Lesizwe Trading and Betanologix.
The two companies received more than R29 million by March 11, 2018.
R654 579 was also paid from the Tiisang account to trust accounts of which Malaba was the beneficiary.
Ihaawu Lesizwe Trading received R98 000 from the Scorpion account, R250 000 from the Khavo account and R90 000 from the Robvet account.
Another R1.09 million was paid to Malaba.
According to the memorandum, Ramikosi was the beneficiary of Zanoware who received R750 000 from the Venmont account between 13 March 2017 and 29 October 2017.
According to the deed, Nesane was the beneficiary of Parallel Property Holdings, which received R1,1 million from the Venmont account between 1 March 2016 and 2 September 2016.
R750 000 from the Vele Petroport account and R5,6 million from the Vele Investments account were also paid to Parallel.
Investar Connect Holdings, of which Magula was the beneficiary, also benefited from the deed.
The company received R900 000 from the Vele Petroport account and R2.8 million from the Vele Investments account.
Magula was also the director of Hekima, which received R3.3 million from Vele Investments.
The amounts are only a drop to the bucket of the R2,3 billion that “got lost” at the bank.