R10 million siphoned from VBS to Floyd Shivambu's personal account

Senior ANC officials, along with members of the EFF are among those being fingered in the scandal relating to more than R1 billion being siphoned out of VBS Mutual Bank.

What they could see is that money moved from the bank to the EFF account, around 1.3 million, and then from the R16 million that moved from Brian Shivambu's account, it was funnelled to a company that he is the sole director of.

Pauli van Wyk, investigative journalist, Daily Maverick

Then around 10 million was moved to Floyd Shivambu's personal bank account.

Pauli van Wyk, investigative journalist, Daily Maverick

So could the apparent involvement of senior members of the EFF reveal the true motive for the party's previous defensive of VBS and calls to save the financial institution?

Van Wyk says EFF leader, Julius Malema and Floyd Shivambu have, in recent months, spoken of an imminent media attack against the party.

It's now very clear they pre-empted what would happen.

Pauli van Wyk, investigative journalist, Daily Maverick

Listen to the full interview here:


This article first appeared on 702 : R10 million siphoned from VBS to Floyd Shivambu's personal account


Recommended

by NEWSROOM AI
Read More
[WATCH] Baby cries every time he hears Adele

[WATCH] Baby cries every time he hears Adele

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

'As long as I'm mayor, I'm not going to sit back and watch criminals take over'

'As long as I'm mayor, I'm not going to sit back and watch criminals take over'

City of Johannesburg Executive Mayor Herman Mashaba says criminals cannot be allowed to threaten service delivery in the city.

'VBS is being investigated and there is progress in that regard' - Hawks

'VBS is being investigated and there is progress in that regard' - Hawks

A report published by the SARB shows that close to R2 billion had been looted from the bank by over 50 individuals.

 VBS Mutual Bank 'heist' report recommends criminal charges

VBS Mutual Bank 'heist' report recommends criminal charges

The report was released to the public on Wednesday, implicating VBS directors and executives who pocketed millions.

Execs at VBS Mutual Bank plundered it to death, it can’t be saved - report

Execs at VBS Mutual Bank plundered it to death, it can’t be saved - report

"VBS Mutual Bank — The Great Bank Heist". Bruce Whitfield interviews Intellidex Financial Analyst Stuart Theobald.

The missing R80 million from Community Schemes Ombud Service is with VBS bank

The missing R80 million from Community Schemes Ombud Service is with VBS bank

The bank is currently under curatorship which means the money cannot be accessed.

Popular articles
Thousands displaced after three fires ravaged the Cape over the weekend

Thousands displaced after three fires ravaged the Cape over the weekend

Gift of the Givers' together with the City of Cape Town have stepped in to help those affected by the fire with food and water.

[WATCH] Baby cries every time he hears Adele

[WATCH] Baby cries every time he hears Adele

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

Golden Arrow responds to complaints of how fares and routes are decided

Golden Arrow responds to complaints of how fares and routes are decided

Listeners say they're unhappy that there no direct buses from where they live forcing them to use multiple busses.

3 emergency numbers you should have on speed dial and how they work

3 emergency numbers you should have on speed dial and how they work

These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.