VBS Saga: SARS Wants Brian Shivambu to Pay R28.2 Million for Tax Evasion, Floyd Allegedly Implicated
- EFF's Floyd Shivambu's brother, Brian, finds himself at odds with SARS for evading tax and has been given a tax bill of R28.2 million
- Bank statements revealed that Brian's companies were used to channel money that was looted from VBS Mutual Bank
- It is also reported that Floyd received over R3 million from his brother's companies in 2017 which was paid to his FNB Private Wealth bank account
PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly News on your News Feed!
Two companies owned by Brian Shivambu, who is EFF's Floyd Shivambu's brother, have received a tax bill of R28.2 million from the South African Revenue Service (SARS).
Shivambu is said to have attempted to evade paying taxes from the years 2017 to 2019 by not declaring income tax as well as VAT. Evading tax is considered a criminal offence and in Shivambu's case, it is also seen as intentional tax evasion, according to the Daily Maverick.
Source: Facebook
According to SARS, Shivambu used his companies Grand Azania and Sgameka Projects to launder R16 million that was stolen from VBS Mutual Bank.
SARS also stated Shivambu's bank statements indicated that between May and November 2017, approximately R3.6 million was sent from Shivambu's two companies to his brother's Floyd's FNB Private Wealth bank account over a span of six months.
PAY ATTENTION: Never miss breaking news – join Briefly News' Telegram channel!
The rest of the money that was looted from VBS Mutual Bank was used to purchase expensive cars and a house.
People implicated in VBS Mutual Bank Scandal facing over 100 charges
The 14 people who have been implicated in the VBS Mutual Bank scandal are facing 180 charges related to fraud, corruption and racketeering. According to IOL, most of the accused individuals are currently on bail, which was set between R50 000 and R100 000.
The trial has been postponed to 12 October after the Gauteng High Court in Pretoria stated that the pre-trial for the VBS matter will be heard at Palm Ridge Commercial Court in Ekurhuleni since some of the accused changed their legal team.
VBS Mutual Bank has affected more than 14 municipalities in Gauteng, North West and Limpopo.
Malema claims Brian Shivambu is innocent despite R4.5 million VBS debt
Briefly News previously reported that EFF leader Julius Malema is adamant that just because Brian Shivambum, the brother of Floyd Shivambu, has promised to pay back R4.5 million to VBS Mutual Bank does not make him guilty.
Malema said that his readiness to pay back the money was a compromise and not a confession of guilt. He spoke at a press conference in Johannesburg on Thursday according to The Citizen.
“Once you call it a compromise, it doesn’t mean there is any guilty party. You just want to get rid of this thing,” he said.
"It doesn’t mean you admit liability but for the sake of progress, let’s do it and move on. This country is where it is because there was a compromise... That’s what compromise means. It doesn’t mean Brian Shivambu admits some guilt.”
Source: Briefly News
