VBS fallout: Vele chairman Tshifhiwa Matodzi quits
Tshifhiwa Matodzi, the chairman of Vele Investments, has quit as questions swirl around VBS Mutual Bank — one of Vele’s largest investments — and the reasons for its curatorship.
Matodzi resigned from Vele’s board with immediate effect on Monday, a day after Reserve Bank governor Lesetja Kganyago announced VBS would be placed under the care of SizweNtsalubaGobodo Advisory Services after withdrawals by municipalities sparked a severe liquidity crisis.
"He resigned from Vele Investments for personal reasons and the company has welcomed his resignation," said Vele spokesman Ndivhuwo Khangale.
Vele is VBS’s largest shareholder at 53%, ahead of the Public Investment Corporation (PIC) and Dyambeu Investments.
The Financial Services Board (FSB) has also advised the Treasury that Matodzi’s involvement in Vele, which bought Mvunonala Holdings in 2017, may lead to other related parties being affected by the bank’s curatorship. Vele has interests in insurance and asset management, which are sectors regulated by the FSB.
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