VBS scandal goes global

The deal with Sobrinho – a business partner of former Angolan president José Eduardo dos Santos’ daughter, and who owns a bank and a football club in Portugal – was allegedly brokered by ANC Limpopo provincial treasurer Danny Msiza and young businessperson Kabelo Matsepe.It was discussed in London and Venda King Toni Mphephu accompanied Msiza and Matsepe in July last year in a delegation that also included Mphephu’s adviser Paul Makhavhu, former VBS chief executive Andile Ramavhunga and Tshifhiwa Matodzi, the chairperson of VBS’ owner, the now-liquidated Vele Investments.This revelation is contained in the transcript of Ramavhunga’s interrogation by a panel chaired by advocate Terry Motau, which was given to the forensic investigators working on the case.The transcript contains further insight into the high life of VBS’s executives. They include that:• Ramavhunga and Matsepe, who brokered business for the bank, were friends who planned at least one holiday to Dubai for themselves and partners. They also shared a love for sneakers, and Matsepe frequently sent Ramavhunga pictures of high-end Nikes; Ramavhunga asked him to buy him pairs in size UK8; and• Ramavhunga, who has other business dealings with Matsepe, borrowed R750 000 from him last year to make a payment to his ex-wife. He had repaid only R100 000 of this when he lost his job at VBS.Msiza did not respond to requests for comment. Matsepe declined to comment, saying his lawyers had advised against it.The King’s blingCity Press has obtained copies of four vehicle-financing loans Mphephu entered into with VBS, for luxury cars worth R6.8 million. This contradicts his earlier claim that he believed the cars were gifts.The first was for the 2015 purchase of a Range Rover 5-litre V8 for R2.488 million which had repayment installments set at almost R53 000 a month over 60 months. The second was for the 2016 purchase of a BMW 760i for R2.1 million, with monthly repayments of almost R41 000 over 72 months.The king also bought a Mercedes-Benz Viano that same year for R868 814 with monthly repayments of R17 000.His final car purchase was another Viano, in January this year, for R1.35 million with repayments of more than R27 000 over 72 months.The king’s office confirmed the London trip yesterday, but said he travelled only once the investment was concluded and after payment had been made to VBS.He confirmed he had bought the cars, saying there were purchasing agreements in place and that payments had been made as agreed.The Angolan connectionMeanwhile, Sobrinho faces new accusations this year that he pillaged the Banco Económico Santo Angola (Besa), which he ran for a decade, in a way that resembles the alleged fraud that sank VBS.The difference is scale: Sobrinho is accused of extracting US$615 million or R8 billion for himself and associates including Dos Santos’ daughter, Tchizé. The bank subsequently collapsed and required a state bailout.During his interrogation, Ramavhunga said Sobrinho was planning to go into business with Vele and create a trade finance joint venture under VBS. The R144 million was meant to grow to R500 million in “seed funding”. At the time it was easily the largest deposit VBS would have received. In addition, Sobrinho was planning a direct investment in Vele, said Ramavhunga.When the bank began going under, the VBS bosses were particularly panicky about Sobrinho’s millions.On the day VBS was placed under curatorship in March, Matsepe apparently sent Ramavhunga a panicky WhatsApp message, saying: “Please let’s not loose [sic] to the 140.”This was followed by: “Don’t want to give back the 140 to Setlafusion.”Setlafusion is a local shelf company through which Sobrinho was investing the money. Its sole director is Joseph Maluleke, a Pretoria attorney who is also a director of Alvaro Sobrinho Africa (ASA), an investment bank Sobrinho established in Mauritius.At one point during the interrogation, advocate Ross Hutton asks Ramavhunga if the R144 million is stuck at VBS like the R1.5 billion in municipal deposits.“They, like the municipalities, are sitting with what looks like an irrecoverable debt?” Hutton asks.“Yes,” Ramavhunga replies.-Fin24

VBS scandal goes global

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VBS scandal goes global

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