Vele Investment CEO Robert Madzonga, who is implicated in the VBS looting scandal, has vowed to defend his case despite damning allegations that he had a hand in bringing the mutual bank to its knees. The looting of the bank, based in Limpopo, might result in about 14 municipalities, state-owned asset management firm Public Investment Corporation (PIC) and individual clients losing their money. VBS Mutual Bank’s executives and directors may have stolen 75% of the bank’s assets, according to analysis done by Business Day. This was suggested by the Reserve Bank on Monday. At a media briefing Bank governor Lesetja Kganyago announced steps that would be taken by clients to allow them to gain access to their funds, beginning on Friday.

The Treasury has also agreed to provide a guarantee to the Bank to facilitate the repayment of all retail deposits up to R100,000 per retail depositor, excluding municipal or corporate deposits. The bank’s curator, Anoosh Rooplal, filed high court pa...

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