'Brian Shivambu was basically a front in this illicit flow of VBS funds'

The Mail & Guardian reports that more than R400 000 worth of illicit VBS Mutual Bank funds was used by Brian Shivambu as a deposit to purchase R2.7 million rand townhouse in Fourways, Johannesburg.

According to the South African Reserve Bank’s VBS Report, Shivambu received R16 million in 'gratuitous payments' from VBS.

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

Speaking to Bongani Bingwa, Investigations Editor at the Mail & Guardian Thanduxolo Jika says the article written followed the traces of the money taken from VBS.

Here we are talking about a classic case of plausible deniability that was created.

Thanduxolo Jika, Investigative Editor at the Mail & Guardian

The picture that is beginning to unfold is that Brian Shivambu was basically a front in this illicit flow of VBS funds.

Thanduxolo Jika, Investigative Editor at the Mail & Guardian

He says the purchase of the Fourways house is part of the bigger picture as he (Brian Shivambu) doesn't seem to be the real beneficiary of these transactions.

Now it seems that the ultimate beneficiary of all these things is Floyd Shivambu.

Thanduxolo Jika, Investigative Editor at the Mail & Guardian

Also read: Pauli Van Wyk details how Malema benefited from VBS looting

He says even though (Floyd) denies that he owns the apartment, a Sunday World article reported a burglary that took place at this particular apartment in Fourways.

He (Floyd) doesn't correct the journalist there. He confirms that there was a burglary that happened but now he comes back and says well I didn't say the journalist can quote me.

Thanduxolo Jika, Investigative Editor at the Mail & Guardian

Jika says coincidentally if one goes to that unit and press on the intercom, the initials that come up are FLO and that can only be Floyd Shivambu.

Interestingly, Floyd says he has visited the apartment but he also says the apartment is not occupied and the brother says it is not occupied, but if it is not occupied who was he visiting there?

Thanduxolo Jika, Investigative Editor at the Mail & Guardian

Jika adds that at the centre of this is a direct link that says Floyd Shivambu was continuing to benefit from these illicit flows of funds from VBS more than his brother who couldn't even pay a car instalment.

Listen below to the full political desk:


This article first appeared on 702 : 'Brian Shivambu was basically a front in this illicit flow of VBS funds'


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