Vele Investments CEO Robert Madzonga denies VBS looting

Vele Investments CEO, Robert Madzonga recently sat down with CNBC Africa's Lubabalo Mashiqana to address the collapse of VBS Bank amidst one of the biggest banking scandals in South Africa's history. Madzonga, who is a major shareholder at VBS, found himself at the center of controversy as allegations of looting surfaced. The Great Bank Heist Report detailed the extensive corruption and mismanagement within VBS, framing Madzonga and Vele Investments in a negative light. However, Madzonga vehemently denied these accusations during the interview, asserting that the report was rushed and contained factual errors. Madzonga expressed his disappointment with the report, citing that it made assumptions about individuals who were not even interviewed during the investigation. He emphasized the importance of a thorough and unbiased investigation to accurately determine the events that led to VBS Bank's collapse. Despite his reservations about the report's accuracy, Madzonga acknowledged that it shed some light on the situation and welcomed any progress towards uncovering the truth. One of the key points of contention in the interview was the allegation that Madzonga had pocketed a significant sum of money from VBS. The report suggested that he had misused VBS funds for personal gain, prompting a strong reaction from Madzonga. He refuted the claims, explaining that the funds in question were used for legitimate purposes such as salaries, bonuses, and investments back into the bank. Madzonga clarified that he had made personal financial contributions to support VBS during times of financial strain, which he viewed as a necessary injection of capital rather than an act of looting. In response to questions about a court ruling that froze his assets, Madzonga maintained that the decision was provisional and subject to appeal. He expressed his intention to challenge the ruling at a later date. Additionally, Madzonga addressed concerns about how he, as a former COO and CEO of Vele Investments, could have overlooked the illicit activities within VBS. He attributed the lack of oversight to the actions of rogue executives within the bank who had manipulated systems to conceal their fraud. Despite facing serious allegations and legal challenges, Madzonga remained defiant in his defense, asserting that he was not involved in any criminal activity at VBS. He criticized the rushed nature of the investigative process and highlighted discrepancies in the report's findings. Madzonga's unwavering stance against the accusations of looting and misconduct underscored his commitment to clearing his name and restoring credibility to Vele Investments amidst the fallout from the VBS scandal.