VBS Looting: Venda King To Repay Money?
Former Venda King, Tony Mphehu Ramabulana has lost a court case trying to avoid paying back money to VBS.
Recently, the High Court in Johannesburg ruled that the former Venda King has to repay R5.6 Million (and interest) that he got from VBS Mutual Bank during the looting years.
‘the former Venda King has to repay R5.6 Million’
The amount related to 3 luxury vehicles: a big Range Rover, BMW and fancy Merc.
The former King has said he has no means to do so (has no money) despite his old income of R1 million a year while king.
Dodgy VBS Loans
A lot of influential people received ridiculous loans from VBS during the looting years.
These loans were never repaid or the people that got the loans were never asked to repay them in any meaningful way. It is said this was done to influence individuals to assist in getting funds into the bank or ignoring issues surrounding the bank while the looting was underway.
When the whole thing imploded and eyes began to scrutinise what had happened many of these bogus loans started being recalled in an effort to recover money.
‘It is claimed that the former Venda King received over R18 million in unrepaid loans over the years’
It is claimed that the former Venda King received over R18 million in unrepaid loans over the years. The efforts to take the cars back (repossess them) have been fought by the former King as he said they were gifted to him. He seemed surprised that they were linked to any type of loan or credit at all.
‘The recent court case dealt with the topic of prescription and reckless credit’
The recent court case dealt with the topic of prescription and reckless credit but it seems that the money will still have to be repaid.
It has been a tough time for the former King after recently losing his case at the Constitutional Court (over the Kingship & salary) and now his transport.