Brian Shivambu Intends to Pay Over R4.5 Million Back to Vele Investments

Brian Shivambu Intends to Pay Over R4.5 Million Back to Vele Investments

- Floyd Shivambu's brother Brian has signed a contract where he will be paying R4.5million back to the VBS Heist after he allegedly received the large amount of money

- In a conversation on social networking application WhatsApp, VBS Treasurer Phophi Mukhodobwane and Tshifhiwa Matodzi, former VBS chair made some strong allegations

- It was implied that there is a strong connection between Matodzi, Julius Malema and Floyd, with the latter allegedly receiving the large sum of money from VBS

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Brian Shivambu of the Economic Freedom Fighters (EFF) has reportedly signed a contract to reimburse R4.5 million that he allegedly received from the VBS Heist.

A WhatsApp conversation between former VBS chair Tshifhiwa Matodzi and former VBS treasurer Phophi Mukhodobwane tends to suggests a strong corelation between Matodzi and EFF leaders Julius Malema as well as Floyd Shivambu.

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Malema and Floyd were allegedly the recipients of a large sum of VBS money ranging in the millions paid to Sgameka Projects owned by Brian Shivambu.

Bryan Shivambu, to pay back R4.5 million received from Vele investments
Bryan Shivamb is set to pay back a whopping R4.5m to Vele Investments, according to reports. Image: Facebook
Source: Facebook

Shivambu's attorneys allegedly demanded a secrecy clause as part of the contract signed; emphasising that there is no specific reason for the payment.

According to News24 ,Vele Investments previously operated as a majority shareholder in VBS Mutual Bank. Vele and VBS executives allegedly stole over R1.5 billion from the bank's depositors.

EWN reported that an acknowledgement of debt contract signed shows that Shivambu signed the agreement in March last year, acknowledging that he was the beneficiary of millions of rands for no specific reason.

The reimbursing of R4.55 million allegedly being the second link to VBS that Shivambu was forced to honour. The first was a payment of R2.78 million.

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Last year, Briefly News reported that Dewald van Rensburg was adamant that EFF deputy Floyd Shivambu faces the 'very real prospect' of arrest for his ties to the VBS Mutual Bank saga.

Two years ago, the journalist published his book detailing the corruption that brought the entity to its knees. Now, Van Rensburg insists that the is far too much 'illicit financial flows' between the party and those accused of looting the bank.

A number of reports have detailed the alleged ties between Shivambu and his brother Brian to the bank.

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