Judge brands VBS bosses greedy liars
Judge scathing of Andile Ramavhunga and Robert Madzonga in wake of VBS’s collapse
The two VBS executives who opposed having their estates liquidated by the curator of the bank lack credibility and are liars and thieves, judge Moroa Tsoka has found. "It appears their actions were motivated by nothing else but greed. In their opinion, enough was never enough," concluded Tsoka, who presided over the application brought by VBS Bank curator Anoosh Rooplal to have the estates of the bank’s CEO, Andile Ramavhunga, and one-time COO Robert Madzonga, sequestrated. While the ruling was handed down in early August, the judgment was only made available to Business Day on Tuesday. Rooplal wanted the estates of five senior executives of the bank and its largest shareholder, Vele Investments, liquidated to cover the gaping losses from the alleged fraud, which he estimates exceeds R1.5bn. The fraud that induced the crisis that led to the bank being placed in curatorship caused untold suffering to some of SA’s poorest and most vulnerable citizens who had deposited their savings wi...