Brian Shivambu issued with court order to repay R1.8m to defunct VBS

Brian Shivambu issued with court order to repay R1.8m to defunct VBS

- Anoosh Rooplal -who has been tasked with retrieving the funds lost through the VBS scandal - has revealed that Brian Shivambu has been ordered to repay funds

- The brother of the EFF deputy president Floyd Shivambu will now have to repay around R1.8 million to the bank

- This comes as South Africans grow impatient to see justice served in the looting of R1.5 billion from municipalities and citizens alike

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The Johannesburg High Court has ordered Brian Shivambu to repay around R1.8 million to the the now-defunct VBS Mutual Bank.

Briefly.co.za reported that scandal had erupted after it emerged that the EFF second-in-command's brother had benefited from the bank.

Speaking to 702, Anoosh Rooplal - who has been charged with curating the now-liquidated failed entity - confirmed the motion:

"There’s a slow stream of money coming in… the judgment [against Brian Shivambu] resulted in some payments…"

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READ ALSO: 11 facts about Brian Shivambu and his alleged role in the VBS scandal

Rooplal noted that citizens were increasing calls for action in the matter, which saw millions looted and municipalities illegally depositing funds into the bank - saying that work is still very much underway in the matter:

"The Hawks are continuing investigation into the looting and resultant implosion of VBS Mutual Bank in what was South Africa’s largest-ever bank heist."

The Mail & Guardian reports that Shivambu's company, Sgameka Projects, had initially taken out a R4 million loan in 2017, which fell into arrears of over R2.7 million when he had failed to meet his payments.

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Source: Briefly.co.za

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