Until early last week, Brian Shivambu was a largely unknown name in South Africa. Since the release of the damning report into the R1.89 billion looting which took place at VBS Mutual Bank the name, Brian Shivambu has become synonymous with the looting which crippled the bank.
Shivambu allegedly received R16 million in gratuitous payments from VBS and according to DailyMaverick.co.za he shared about R10 million of that money with his older brother who happens to be the deputy leader of the Economic Freedom Fighters (EFF) Floyd Shivambu.
Briefly.co.za brings you 11 facts about Brian Answer Shivambu.
1. Brian is the younger brother of EFF deputy president Floyd Shivambu and a member of the party
2. Brian does not hold any political office and is not a representative of the EFF in any way shape or form
3. According to DailyMaverick.co.za Brian Shivambu is currently 30-years-old
4. Brian Shivambu was one of 53 individuals named in Advocate Terry Motau’s The Great Bank Heist report who was responsible for looting VBS Mutual Bank of R1.89 billion
5. The forensic report alleges Brian received R16 million in gratuitous payments from VBS. Brian has not denied being paid but claims he was paid for professional consultancy work done by his company Sgameka Projects.
6. Brian claims Sgameka Projects served as a professional consultancy service to Vele Investments on their non-banking assets which includes mining and insurance companies. Vele was the major shareholder of VBS and is deeply implicated in the looting which occurred at the bank.
7. Before starting Sgameka Projects and earning millions, Brian worked at the EFF as an in-house merchandise enhancer. This means Brian helped the EFF design a line of merchandise for supporters. He helped design the famous red beret, the signature red overalls and designed various t-shirts and ‘doeks’ for the party.
8. Brian actually worked as merchandise peddler at several university campuses around the country. He was key in targeting youth leaders and growing the EFF’s youth ranks.
9. Brian graduated from the Tshwane University of Technology in 2011 with a diploma in local government finances
10. Since graduating Brian has gained experience in branding, events management and advisory roles to emerging businesses.
11. IOL.co.za reported that Brian is believed to be a director at a company called Sunshine Hub. His father Elias Shivambu is also listed as a director of the company.
Dailmaverick.co.za conducted further research into the legitimacy of Brian earning R16 million from his consultancy work in a single year. The publication approached an industry professional to get clarity on the issue.
The source said a graduate who had qualified as an engineer or chartered accountant could reasonably be expected to be hired out by an established company at a rate of between R10 000 and R20 000 per day.
That means it would take a 10 person team to earn what Brian claims to have done in a year. The source expressed further doubts about Brian’s claim because of the qualification which he had.
The source said if the public were to truly believe Brian’s claim that he earned the money legally he should release his cost structures and show exactly how he billed Vele Investments.
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