VBS executives sequestrated

Final sequestration orders were granted for former VBS Mutual Bank (VBS) executives Tshifhiwa Matodzi, Andile and Zanele Ramavhunga, Phillipus Truter, Phopi Mukhodobwane and Robert Madzonga in the Limpopo High Court on Monday.
“It is possible that criminal actions will be instituted by the relevant enforcement authorities against these former bank executives as well as other wrongdoers,” Anoosh Rooplal, liquidator of VBS said in a statement issued on Sunday.
The second meeting of VBS creditors also took place before the Master at the High Court in Polokwane on Friday. The meeting provided creditors an opportunity to present their claims against VBS in order for the claims to be scrutinised and accepted by the Master of the High Court. Resolutions giving the liquidator directions regarding the further winding-up of the estate were also submitted to a vote by the creditors. The claims of the South African Reserve Bank, the Public Investment Corporation and most of the municipal depositors against VBS Mutual Bank (VBS) have also been accepted.
In his report to creditors, Rooplal stated that Vele Investments, chaired by Robert Matodzi was earlier liquidated together with three quarters of the assets of Leratadima Marketing Solutions Proprietary Ltd, Vele Investment Proprietary Ltd, Betanologix Proprietary Ltd, Ergrove Holdings, Venmonet Holdings Pty Ltd, Venmont Built Environmental Pty Ltd, Robvet Pty Ltd, Refemo Maintenace Services, Viridesol Pty Ltd, Vantipix Pty Ltd, Zanocube Pty Ltd, Vantifusion Pty Ltd, Black Label Telecoms Pty Ltd and Mmampilo Petroleum Pty Ltd respectively. Three quarters of Bonulog, Bonuspace, Bonusec and Bonuset were subsequently liquidated on Monday.
“Creditors who have not proven claims for whatever reason or whose claims were rejected by the Master of the High Court during the second meeting are requested to make contact with the liquidators’ team in order that their claims can potentially be included in the liquidation process,” Rooplal concluded.

Story: BARRY VILJOEN
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