Venda King Toni Mphephu has reportedly offered to pay back the money.
According to eNCA, the King has offered to pay back any money that can be proved that he received illegally from VBS Bank.
Forensic investigator Advocate Terry Motau’s report, the VhaVenda king received over R17-million from the bank.
News24 reported that Motau’s report supports early findings by curator Anoosh Rooplal, who dragged Matodzi and Madzonga before the South Gauteng High Court in Johannesburg to be provisionally sequestrated earlier this year, along with three other executives.
Motau undertook a five-month investigation which included the review of documents seized from VBS and Vele Investments, VBS’ largest shareholder, and conducted extensive interviews with the role players.
Motau also recommended that VBS be liquidated, as he does not believe there is any prospect of saving it.
“It is corrupt and rotten to the core. Indeed, there is hardly a person in its employ in any position of authority who is not, in some way or the other, complicit.”
Motau found there was “widescale looting and looting of the monies placed on deposit at VBS”.
He carefully sets out the methods of those who had “captured” VBS through payments of large sums of money to the various perpetrators of the looting scheme “as a reward for their participation”.