Brian Shivambu denies unlawfully receiving R16m from VBS Mutual Bank

Brian Shivambu denies unlawfully receiving R16m from VBS Mutual Bank

- Brian Shivambu, younger brother of EFF Deputy Chief Floyd Shivambu, denies receiving R16 million from VBS Mutual Bank illegally

- Brian insists the money was paid for consulting services delivered to Vele Investments, not the bank

- He now plans to open a case of defamation against the writers of the report that accuses him of wrongdoing

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Brian Shivambu shared a written letter in which he addresses the allegations of looting made against him.

Brian is accused of receiving R16 million irregularly from the now-broken VBS Mutual Bank. However, he insists it did not happen.

An investigative report by advocate Terry Motau called The Great Bank Heist details the names of those who benefited from looting the VBS bank, as reported on by Briefly.co.za.

Brian's name is on this list.

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The brother of EFF Deputy President Floyd Shivambu now threatens to take those behind the report to court.

According to a report by eNCA, Brian claims the money he received was for services rendered to Vele Investments. Vele Investments is a big shareholder in the bank.

READ ALSO: SAFA on SABC losing Bafana broadcast rights: Apartheid-run SABC made better deals

Brian says his company, Sgameka Projects received the money and not himself personally. The accused fraudster added that the money was paid for consultin services to Vele Investments.

Brian is also unhappy that none of the investigators into the bank's looting contacted him to explain his business and the reason for payment.

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Source: Briefly.co.za

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