Home Business and Technology Venda King Toni Mphephu Ramabulana going after VBS Mutual Bank

Venda King Toni Mphephu Ramabulana going after VBS Mutual Bank

VBS Bank

Venda King Toni Mphephu Ramabulana has accused senior executives of the troubled  VBS Mutual Bank of leaving him with a R240,000 monthly bill after they allegedly used his name to secure money from the bank, which went towards a shopping spree for luxury items, including a Bell helicopter.

VBS Bank

The Sunday Times can exclusively reveal that Ramabulana is planning to open a case of fraud and corruption against former VBS chairman Tshifhiwa Matodzi and Vele Investments’ Robert Madzonga.

He has sent a lawyer’s letter to Vele Investments, demanding it settle an R11-million debt for luxury cars and a house in Dainfern Golf Estate.

Matodzi and Madzonga are accused of having hoodwinked the king into believing that the house, a Range Rover, a BMW 7 Series and two Mercedes-Benz Vianos were gifts. The king wants the R12-million Bell helicopter — which he was also made to believe was a gift — sold.

Source: Times Live

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