Uncategorized
Corporate Literacy 101 – Duties of Directors
Judge lambasts sequestrated VBS Mutual Bank ‘fixer’
4th Nov 2022
The North Gauteng High Court has given VBS Mutual Bank “fixer” and former Limpopo ANC Youth League leader Kabelo Matsepe reasons why it said the South African Revenue Service (SARS) was well within its rights to seek the sequestration of his estate over monies owed to the fiscus.
SARS earlier in the year successfully sought an order for the sequestration of the estate of Matsepe on the grounds that it was factually insolvent. This is as SARS claimed through a series of individual income tax and VAT (value-added tax) assessments that were issued to Matsepe in respect of the periods 2016-2018 and November 2015–March 2018 that he owed it R61-million.
When the North Gauteng High Court earlier in the year ruled in favour of the taxman, Matsepe demanded he be provided with written reasons, which have now been delivered.
Matsepe, in his affidavit, argued: “Moshate [his company] was appointed by VBS Mutual Bank Limited as a service provider to render marketing and capital-raising services for the bank for a commission.
“I have not in my personal capacity rendered any of the said services … Accordingly, there is no rationale which justifies the applicant to decide to issue assessments against me relating to transactions between VBS Bank and Moshate.’’
Judge MPN Mbongwe dismissed Matsepe’s argument and fell short of saying he did not know the rules that govern companies in South Africa.
“I pause to state that the above statement is concerning especially considering that the respondent is legally represented in these proceedings. The respondent’s assertions display an oblivion of the duties and obligations the company laws impose on him as the director of the company.
“To perceive his company and its status as a conduit to make money and a shield against a statutory demand for payment of tax is baffling, to say the least. Misplaced as it is, this perception is the crux of the respondent’s opposition to this application,” reads the judgment.
Matsepe, along with his 13 co-accused, faces more than 180 charges including theft, fraud, money-laundering, corruption and racketeering.
Matsepe was arrested together with Limpopo ANC treasurer Danny Msiza and VBS chief operations officer Robert Madzonga, among others, for allegedly looting over R2-billion from the mutual bank, which was later liquidated.
One of the accused, former VBS Bank chief financial officer Philip Truter, reached a plea and sentence agreement with the state which saw him sentenced to an effective seven-year jail term after pleading guilty to six counts including corruption and fraud.
ad
Follow @SundayWorldZA on Twitter and @sundayworldza on Instagram, or like our Facebook Page, Sunday World, by clicking here for the latest breaking news in South Africa. To Subscribe to Sunday World, click here
- TAGS
- Corruption
- Crime
- kabelo Matsepe
- Lead
- Limpopo ANC Youth League leader
- North Gauteng High Court
- South African Revenue Services (SARS)
- vbs
LEAVE A REPLY
Mandela funeral graft case suffers another blowThe state’s case against former Buffalo City officials, employees and ANC regional leader suffered a blow after the presiding judge,Sunday World
How much is your car worth? Take a look hereCars | Value|
15 Most Dangerous Bridges In The WorldStory To Hear|
Unsold Cell Phones Are Being Sold At Surprising Prices. (Click for Results)Cell Phones | Search Ads|
The Price of Private Jet Rental in South Africa in 2022 Might Surprise YouPrivate Jets | Search Ads|
Latest News
‘UK’s first black billionaire’ Masiyiwa among 2022 Spear’s winners
Freight and logistics industry buckles under pressure
Massive manhunt under way for prisoners on the run
Gardee family find Hillary’s ID book six months later
Corruption riddled Glencore left with egg on face
MTN and Microsoft sign agreement on cloud transformation
Join Our Newsletter
ad
Johannesburg
14°C
Few clouds
17.7 km/h
1015 mb
90 %
05:00 AM
14°C
08:00 AM
18°C
11:00 AM
23°C
02:00 PM
27°C
05:00 PM
20°C
08:00 PM
17°C
11:00 PM
16°C
02:00 AM
16°C
November 5
Today
27°C
12°C
November 6
Tomorrow
28°C
15°C
November 7
Monday
20°C
16°C
November 8
Tuesday
24°C
15°C
November 9
Wednesday
27°C
15°C
November 10
Thursday
28°C
17°C
November 11
Friday
25°C
15°C
Sponsored Content
Deputy Minister Dr Masondo delivers CUT’s Jabulani ‘Mzala’ Nxumalo Lecture
No social transformation without motivated teachers – MEC Makgoe
Free State teaching awards reward innovation and passion
Free State finalists shine at the National Teaching Awards
Newsletter Signup
Email Address
By continuing, you accept the privacy policy
Categories
The company
Sunday World
Fundudzi Media (Pty) Ltd. All rights reserved. Use of this site constitutes acceptance of our terms & conditions and privacy policy.
Privacy & Cookies Policy
How much is your car worth? Take a look hereCars | Value|
Your cravings deliveredMrDFood ZA|
15 Most Dangerous Bridges In The WorldStory To Hear|
ADVERTISEMENT
Warning: Undefined variable $user_ID in /home/iniafrica/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login