Dewald van Rensburg - VBS: A Dream Defrauded

AAF : Anglo African Finance

ABSIP : Association of Black Securities and Investment Professionals

ANC : African National Congress

ARC : African Rainbow Capital

ASA : lvaro Sobrinho Africa

BBF : Bophelo Benefit Fund

BBS : Bhopelo Benefit Services

BIG : Bophelo Insurance Group

BSD : Bank Supervision Department

CA : chartered accountant

CEO : chief executive officer

CFO : chief financial officer

CIO : chief investment officer

CIPC : Companies and Intellectual Property Commission

COO : chief operations officer

CSOS : Community Schemes Ombud Service

DA : Democratic Alliance

EFF : Economic Freedom Fighters

FDC : Free State Development Corporation

FSCA : Financial Sector Conduct Authority

MFMA : Municipal Finance Management Act

MoU : memorandum of understanding

NPA : National Prosecuting Authority

NSFAS : National Student Financial Aid Scheme

PA : Prudential Authority

PEC : provincial executive committee

PIC : Public Investment Corporation

PRASA : Passenger Rail Agency of South Africa

RAU : Rand Afrikaans University

SACP : South African Communist Party

SAMWU : South African Municipal Workers Union

SAPS : South African Police Service

SARB : South African Reserve Bank

SATAWU : South African Transport and Allied Workers Union

SMMEs : small, medium and micro-enterprises

VBS 2016 annual report

The mastermind: Tshifhiwa Matodzi seized control of VBS in 2015 and transformed it into the engine room of his nascent corporate empire, Vele Investments

VBS 2016 annual report

The enforcer: VBS CEO Andile Ramavhunga was a feared presence in the organisation who aspired to join Matodzis grander scheme as head of Vele Financial Services

VBS 2016 annual report

The mechanic: CFO Philip Truter, the longest-serving executive at VBS, was allegedly key to the pillage of the bank as the man called on to manipulate bank records

VBS 2016 annual report

The policeman: Audit committee chair Phalaphala Ramikosi was a non-executive director of VBS at the same time as he was CFO of the SAPS

Kaizer Nengovhela

Venda king Toni Mphephu Ramabulana at the annual Kings Walk, an event sponsored by VBS. The king was key to introducing Matodzi and his cohorts to political and economic elites from Venda

Elmon Tshikhudu, Limpopo Mirror

Royal confidant Paul Makhavhu, lawyer and financial advisor to the Venda king

VBS 2016 annual report

Manelisa Mavuso was Dyambeus first choice for VBS chair, until he got sidelined

Paul Magula ( left ) and Ernest Nesane ( right ), the PICs two representatives on the VBS board, turned a blind eye allegedly in exchange for generous bribes

VBS 2016 annual report

The VBS board of directors in 2016. Back row ( left to right ): Manelisa Mavuso, Nathaniel Mudau, Philip Truter (CFO/company secretary), Tshifhiwa Matodzi (chairperson), Mangalani Nevhuhulwi, Mbulaheni Manwadu, Andile Ramavhunga (CEO). Front row: Wilson Muvhulawa, Ernest Nesane, Belinda Mapongwana (deputy chairperson), Avhashoni Ramikosi. Absent: Paul Magula and Thilivhali Ramawa

VBS undertook a major rebranding drive under the new guard Matodzi brought with him

VBS 2016 annual report

Matodzi ( left ) and Ramavhunga ( right ) in a picture from VBSs 2016 Annual Report

VBS 2016 annual report

The showpiece office in Johannesburg, the first branch outside Limpopo, opened in 2015 and VBS started trying to expand into retail banking

VBS 2016 annual report

Even before making national headlines with its loan to former president Jacob Zuma, VBS was attracting attention. Then minister of small business development Lindiwe Zulu is pictured on the left brandishing a VBS bank card

VBS 2017 annual report

The Kings Walk, an annual event held outside Thohoyandou in Limpopo to coincide with Venda king Toni Mphephu Ramabulanas birthday, was sponsored by VBS as a way to shore up his support

VBS 2017 annual report

At the 2017 Kings Walk, Toni Mphephu Ramabulana was joined by then minister of communications Faith Muthambi. VBS used the occasion to bring together all of Vele Investments subsidiaries and prospective takeover targets in Limpopo

Frennie Shivambu/Gallo Images

Robert Madzonga, pictured here at an MTN8 semi-final match at Loftus Versfeld Stadium in 2011, left his executive position at MTN and resurfaced as Veles COO in 2016. Matodzi had initially tried to appoint him as an executive at VBS, but the SARB would not allow it due to various allegations of corruption against him and his lack of banking experience

Sipho Malaba, the KPMG audit partner at VBS, allegedly helped cover up the disappearance of hundreds of millions of rands at the bank in exchange for generous bribes