VBS Mutual Bank CEO
VBS Mutual Bank CEO, Financial executive with broad experience in all aspects of Accounting, Auditing, Financial management, Risk management, Compliance and Corporate governance. Direct experience with Short term and long term insurance, Retail banking, Private Equity Finance and Property Management. My experience was gained over a period of 14 years with the following companies: Deloitte, Firstrand, Absa, Landbank, Ithala and sefa.
One of VBS Mutual Bank’s top executives accused of looting the institution of more than R1.5billion has maintained his innocence, as the case looks set to be heard in court on Tuesday.
Andile Ramavhunga, the bank’s chief executive, is an apparent prime target of the State in its high court bid to sequestrate the personal assets of the executives.
The State believes that as the bank’s former chief executive, Ramavhunga still enjoys some control over the bank’s assets.
It also contends that he has in his possession “ill-gotten” properties and vehicles, allegedly acquired through the proceeds of corruption and “stolen” from the bank, in what it says was a fraud scheme of “epic proportions”.
Ramavhunga and other VBS executives – chairperson Tshifhiwa Matodzi, chief financial officer Nicholas Truter, former chief operations officer Robert Madzonga and general head of treasury and capital management Phopi Londolani Mukhodobwane – allegedly lived the high life, raiding depositors’ money to purchase mansions, sports cars and a helicopter. Since the story on the alleged looting of the bank broke earlier this year, Ramavhunga had remained silent.