Venda King offers to repay VBS funds

Ramabulana is implicated in a Reserve Bank forensic report by advocate Terry Motau, entitled “The Great Bank Heist.”

In the report, Motau,  revealed how Ramabulana allegedly received payments totalling R17 million from the bank.

The report pinned Ramabulana among the 53 individuals who allegedly benefited from the bank illegally.

Motau exposed how R2 billion was looted between 2015 and 2018.

The King denies receiving money from the bank.

"I receive various grants including financial support from various individuals and entities," Ramabulana said in the statement.

The king says he is willing to repay the money if it is established that the funds were illegitimate payments. 

"I irrevocably offer to repay any amount which will be shown to have been proceeds of the illegalities in the report as soon they are computed and am directed where the repayment must be made and the terms of such repayments," said Ramabulana.

READ THE KING'S LETTER BELOW 

OPEN LETTER TO VHAVENDA PEOPLE

The 139 page Investigator’s Report to the Prudential Authority compiled by Adv. Terry Motau SC assisted by Werksmans Attorneys, dated 30 September 2018 and sensationally titled: The Great Bank Heist (“the Report”) only makes reference to me in no more than 5 sentences. 

The Report concludes that an amount of R17 million was a payment to me. 

Most significantly, the Report does not find that I was part of any criminal enterprise. 

The Report describes the payment as a gratuitous payment.    

It is to be regretted that Adv. Motau SC and Werksmans Attorneys did not deem it necessary to afford me an opportunity to be interviewed and to also give my version and correct the conclusions which they were to make in the Report. 

I am advised that the laws of natural justice require a person against whom adverse statements and findings to be made to be given an opportunity of reply – audi parterm rule. 

This sadly did not happen. 

To the best of my knowledge no amount of R17 million was paid to me, gratuitous or otherwise. 

No doubt, Motau SC and Werksmans Attorneys would have known the grave damage the mention of my name in the Report would have to me personally as well as to the kingship of Vhavenda people. 

I was entitled to a fairer treatment.

In my capacity as the King of the Vhavenda people, I receive various grants including financial support from various individuals and entities. 

Any such receipts I deem them to be legitimate, untainted, and bona fide support to the responsibilities I hold in relation to Vhavenda people. 

Any such amounts as may be shown to have been payments flowing from the fraudulent and/or criminal sources involving the Venda Building Society (“VBS”), I would have received without knowledge of the criminal wrongdoing which the Report identifies.

I irrevocably offer to repay any amount which will be shown to have been proceeds of the illegalities in the Report as soon they are computed and am directed where the repayment must be made and the terms of such repayments.

The financial ruin, the cold theft to the vulnerable of our people is inimical to the vision my father had as a founding member of this Building Society. 

My heart goes out to those who were harmed by this ruthless enterprise. 

Ndaa

King Toni Peter Mphephu-Ramabulana