VBS Mutual Bank spent more than R300,000 on high-calibre rifles for the protection of executives who ran the bank into the ground.
Bought on instructions of Tshifhiwa Matodzi, the former executive chair of Vele, the weapons were ordered in September last year, paid for in February this year, but have still not been collected from the Johannesburg gun shop.
Matodzi has been named in advocate Terry Motau’s “Great Bank Heist” report as the mastermind behind a bold scam that siphoned up to R2bn out of VBS.
The weapons, according to sources, were bought for Bestvest Protection, the company that provided security services for Vele executives. The weapons include 9mm Glock pistols, DM4 standard rifles, carbon conversion kits and dashprod telescopics worth R317,000.
Matodzi is known to travel with a heavy private security detail, which includes two escort cars shielding his own vehicle front and back.
“They had their own private security outfit. They bought themselves private protection using VBS money,” said an insider with intimate knowledge of the transaction, who asked not to be named.
Vele is under liquidation and Matodzi has gone to ground, referring all requests for comment on the company’s affairs to the liquidators.
Read the full story in the Sunday Times.
