Did Floyd Shivambu and the EFF benefit from the looting of VBS Mutual Bank?

FILE: Brian Shivambu, the man who allegedly pocketed more than R16 million from the VBS bank scandal, is said to be the younger brother of Economic Freedom Fighters (EFF) Deputy President Floyd Shivambu. Picture: Supplied.

The Daily Maverick reports that Floyd Shivambu and the EFF benefited directly from the R16 million paid to Brian Shivambu … it’s very unusual that Floyd hasn’t responded…

Warren Thompson, Business Day

Brian Shivambu is saying now that he was paid for work he did for Vele Investments, the shareholder of VBS. Over the period of about a year he was paid R16 million… For a 30-year-old he’s either a very astute businessman or, as one allegation that’s been made, he is fronting for his brother and other interests.

Warren Thompson, Business Day

(Also read: Execs at VBS Mutual Bank plundered it to death, it can’t be saved – report)

Floyd Shivambu’s brother Brian personally (and through entities in his control) received R16 million from VBS Mutual Bank “for no apparent reason”, according to a report by advocate Terry Motau and forensic investigators led by Werksmans Attorneys.

One allegation, says Business Day financial journalist Warren Thompson, is that Brian Shivambu has been fronting for his brother Floyd Shivambu and the EFF.

In an interview, The Money Show’s Bruce Whitfield asked Thompson how Shivambu supposedly committed the VBS heist.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

We’ve seen the Venda king being implicated… the Treasurer of the ANC in Limpopo… executives at the PIC… executives inside VBS… as they discovered they are able to loot, they started to pay and bribe officials at municipalities…

Warren Thompson, Business Day

The evidence… they believe has been assiduously done and should – in the words of advocate Motau – create a queue outside Mr Price for orange jumpsuits…

Warren Thompson, Business Day

The investigative powers of Sars that was substantial and left criminals awake at night chewing on their nails has been almost completely eroded under the Zuma administration…

Warren Thompson, Business Day

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This article first appeared on 702 : Did Floyd Shivambu and the EFF benefit from the looting of VBS Mutual Bank?


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