The latest Registrar away from Financial institutions expected Mr Madzonga’s viability in the as the COO off VBS

Mr Madzonga try an admitted attorneys with well over 23 years’ experience with the economical and you can corporate money company parts, which includes the brand new court and regulating ecosystem. According to him inside the answering affidavit he initially turned into with it that have VBS in since the a consultant and you may coach, mainly tasked which have exposing new business. Mr Madzonga after that produced in it answering affidavit which he is actually appointed since the pretending Chief Performing Officer (‘COO’) to possess VBS for a few days through the , pending acceptance from the Registrar of Banking institutions having a permanent meeting with regards to the regulating criteria.

Instead, Mr Matodzi, within his capacity since Manager Chairperson of Vele, appointed Mr Madzonga given that COO and soon after President to have Vele

In this regard, the brand new Registrar referenced Mr Madzonga’s failure to highlight inside the DI 020 application, you to definitely during the course of their employment with MTN (Pty) Ltd, the Hawks investigated their part regarding the ICT Indaba Support for the 2013; there was in fact allegations off misconduct and you can irregularities as he are the principle Corporate Administrator off MTN; and therefore an extensive forensic declaration because of the PricewaterhouseCoopers to the ‘stunning proof corruption’ in the MTN particularly referenced him.

The newest Registrar regarding Banking institutions expected Mr Matodzi, brand new Chairperson of the Board out-of VBS, to incorporate more info from the factors made by the new VBS Panel of Directors in analysis of appropriateness out-of appointing Mr Madzonga as COO. In his third answering affidavit, Mr Madzonga incorrectly claimed your Registrar out-of Banking companies merely advised VBS it was unhappy together with his financial feel and you will that Registrar requested to be supplied with reasons for his leaving their previous employment which have MTN. Continue Reading