- EFF deputy commander in chief Floyd Shivambu said his brother, Brian Shivambu, was willing to pay back the money he was paid by VBS Mutual Bank
- Brian Shivambu has become the face of the VBS looting saga after the report into the collapse of the bank alleged he received gratuitous payments totalling R16 million
- Floyd said his brother had earned the money through his consultancy firm but would pay back the money if he was advised by authorities to do so
Economic Freedom Fighters (EFF) deputy commander-in-chief (CIC) Floyd Shivambu has revealed that his brother, Brian Shivambu, was willing to pay back the money he was paid by VBS Mutual Bank. Floyd said Brian earned the money by providing consultancy services to the now-defunct bank.
Brian and Floyd Shivambu have become the faces most associated with the R1.89 billion VBS looting saga which has gripped the nation for a week. The report into the collapse of the bank alleges that Brian received gratuitous payments totalling about R16 million from the bank and shared R10 million with his politically connected brother.
Floyd said his brother’s company, Sgameka Projects, had provided consultancy services to VBS on the bank’s non-core and non-banking assets such as Vele Investments, the largest shareholder and lynchpin of the scandal.
Briefly.co.za gathered that Sgameka had been appointed to provide consultancy services to Vele Investments in 2017. These services included professional consulting on Vele’s mining and insurance interests and assets.
Brian Shivambu has denied receiving any illegal or gratuitous money from VBS or Vele Investments. EWN.co.za reported that Brian has since the report was made public maintained his innocence. Brian has not denied receiving money from VBS, but maintains he received the money legally.
Floyd has also denied receiving any money from or linked to VBS and rubbished claims that he had received R10 million from his brother. The EFF said Floyd had released his banking records to the party which proved there were no payments into Floyd's personal bank account from VBS.
The EFF has slammed ‘The Great Bank Heist’ report which was authored by Advocate Terry Motau and commissioned by the South African Reserve Bank and National Treasury. The EFF said Motau should have spoken directly to Brian in order to listen to his version of events.
EFF leader Julius Malema said Brian Shivambu had been portrayed as the bad guy in the scandal despite not being a public figure. Malema believes Brian was used because he was connected to the top echelons of the EFF through his brother.
Malema said using Brian as the face of the VBS scandal was a way to make the EFF look bad. He said the media was part of a larger witch-hunt targeting the EFF ahead of the 2019 general election.
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