VhaVenda king Toni Mphephu Ramabulana has offered to repay “any amount which will be shown to have been proceeds of the illegalities” in the VBS Mutual Bank saga‚ following the publication of the “the Great Bank Heist” report last week. It is cited in the incriminatory SA Reserve Bank report, compiled by advocate Terry Motau, that Mphephu Ramabulana received a “gratuitous payment” of more than R17m from VBS. The king, who said on Monday that he had read the report‚ did not appear to entirely deny that he had received some money from the bank, but suggested the amount cited was wrong. “To the best of my knowledge, no amount of R17m was paid to me‚ gratuitous or otherwise‚” he said. “Most significantly‚ the report does not find that I was part of any criminal enterprise.” He would pay back the money as soon as it was “computed and [I] am directed where the repayment must be made and the terms of such repayments” are made, he said.

For someone in his position‚ he would never have...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now