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


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