King wants to pay back money

VhaVenda King Toni Mphephu Ramabulana yesterday issued a statement offering to pay back any money shown to have been illegal proceeds from the VBS Mutual Bank scandal, saying the financial ruin of his people was inimical to the founding members of the Venda Building Society.

“As a king of VhaVenda people, I receive various grants, including financial support from various individuals and entities. Any such amounts as may be shown to have been payments flowing from fraudulent and/or criminal sources involving VBS, I would have received without knowledge of the criminal wrongdoing,” Ramabulana said.

“I irrevocably offer to repay any amount which will be shown to have been proceeds of illegalities in the report as soon as they are computed and am directed where the payment must be made. The financial ruin, the cold theft to the vulnerable of our people is inimical to the vision my father has as a founding member of this building society.”

Ramabulana was accused of using the bank’s money to pay for luxury items such as a helicopter and a house in a golf estate.

Ramabulana threatened to open a case of fraud and corruption against Vele Investments’ Robert Madzonga and the former VBS chair, Tshifhiwa Matodzi, saying they had hoodwinked him into believing the luxuries were gifts.