SAICA strips Tshifhiwa Matodzi of his registration

Former VBS chairperson Tshifhiwa Matodzi has been stripped of his CA(SA) title.

In a statement released on Wednesday, SAICA announced that its disciplinary committee has ordered the cancellation of former VBS chairperson Tshifhiwa Matodzi’s membership. 

Matodzi will no longer be recognised as a chartered accountant.

In a statement, SAICA said: 

“SAICA hereby informs all stakeholders that the hearing in respect of Mr Tshifhiwa Matodzi, the former chairman of the board of VBS Mutual Bank, was concluded on 19 February 2019. The Disciplinary Committee has ordered the cancellation of Mr Matodzi's membership from SAICA in terms of SAICA By-law 30.2.”

This decision came after Matodzi’s name was mentioned in the “Great Bank Heist” report that was released last year. The report, commissioned by the SA Reserve Bank, detailed how executives at the bank misappropriated almost R2 billion in funds. 

Matodzi was a founder and chairperson of Vele Investments and was identified as the kingpin and the biggest beneficiary of the alleged fraud and corruption after he secured R325 million from VBS.