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.
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.
Read the full story in the Sunday Times.
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