I did not receive a loan from VBS — Matjila

Former Public Investment Corporation (PIC) chief executive Dan Matjila has denied allegations that he was awarded a loan from the now defunct VBS Mutual Bank.

This is after United Democratic Movement (UDM) leader Bantu Holomisa wrote to the PIC commission’s evidence leader, advocate Jannie Lubbe requesting that the commission probe a R2.5-million that was awarded to Matjila from VBS.

READ MORE: Holomisa claims Matjila failed to declare millions received from VBS

Holomisa’s letter was prompted by correspondence from Lubbe dated July 6 2019 informing the leader of the opposition party that he is implicated in Matjila’s testimony at the commission.

Matjila is currently testifying before the inquiry — chaired by Justice Lex Mpati — which is looking into alleged impropriety at the PIC.

Holomisa claims that he received a tip-off from a whistle-blower informing him that Nexus Forensic Services had completed an investigation into the matter and had found that Matjila had not only received funds from VBS but that he failed to declare the funds to the board.

“If there is any truth in these allegations, it raises serious concerns about Advocate Terry Motau SC’s report called: “The Great Bank Heist”. Why did Advocate Motau’s report omit Dr Matjila’s alleged loan, especially given his position as PIC CEO”, Holomisa’s letter reads.

Lubbe began Tuesday’s proceedings by confirming receipt of Holomisa’s letter. He said that he became aware of the allegations against Matjila earlier this year after being informed of the forensic report by the PIC.

According to Lubbe, a lifestyle report by Pricewaterhouse Coppers (PwC) has cleared Matjila of receiving a loan from VBS.

“I place it on record that there is no evidence of such a loan in the report. The forensic team of the commission will follow this up and complete our own independent investigations into these allegations,” he says.

Advocate Alex Roelofse, Matjila’s legal representative, said that they have not seen the Nexus report.


“It is puzzling and indeed concerning to us that a multimillion rand investigation conducted by Motau, SC failed to pick up something as glaringly obvious as a loan to Dr. Matjila by VBS bank,” he said.

“Dr. Matjila rejects these allegations of the VBS loan as absolutely untrue and he will say so in his evidence in this commission,” he added.

The inquiry continues.

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Thando Maeko
Thando Maeko is an Adamela Trust business reporter at the Mail & Guardian
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