Floyd Shivambu’s brother allegedly used VBS money for R2.7m townhouse

Floyd Shivambu’s brother allegedly used VBS money for R2.7m townhouse

- Brian Shivambu, younger brother of EFF Deputy President, Floyd Shivambu, allegedly paid more than R400 000 on a luxurious townhouse for Floyd

- According to reports, the money was illegally taken from VBS Mutual Bank

- However, Floyd denies living in the townhouse in question

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The brother of Floyd Shivambu, Deputy President of the EFF, Brian Shivambu, allegedly used more than R400 000 of funds illegally obtained from VBS Mutual Bank to pay for the deposit of a R2.7 million townhouse.

The townhouse is reportedly situated in Fourways, Johannesburg.

As reported by Mail&Guardian, Shivambu now denies staying in the house. This comes after Shivambu claimed that the home was burgled not too long ago.

I don’t stay in Pine Avon. I have visited Pine Avon ... I don’t own any apartment in Fourways and I don’t stay there. My younger brother was in the process of buying an apartment, which I never stayed in.

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Briefly.co.za reported earlier that Shivambu's townhouse was broken into and 2 laptops, 2 cellphones and valuable documents were stolen. No case was opened by the police and the security company doesn't know of any break-in either.

According to the Mail&Guardian report, payments were made on the townhouse between October 2017 and January 2018. The staff at Mail&Guardian claim to have seen proof of the payments.

However, the property is not yet in Shivambu's name as he failed to make payments.

Brian Shivambu used his company, Sgameka Projects, to make various payments ranging from R100 000 to R300 000.

As further proof that Floyd Shivambu stays at the townhouse he claims not to be residing in, the M&G staff pointed out the letters "FLO" on the unit's number in the complex's intercom system.

Brian Shivambu allegedly made a down payment through Sgameka and a lease-to-buy agreement was signed.

READ ALSO: Paramedics in hot water for doing idibala challenge while driving

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Source: Briefly.co.za

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