- Floyd Shivambu has allegedly admitted to using VBS Mutual Bank funding to pay for his Range Rover
- However, the EFF deputy president says that while the funds came from the bank, they were part of a loan that has been repaid, not stolen
- A Mail & Guardian report revealed that the vehicle had been paid with a loan taken out by his brother, Brian Shivambu
Floyd Shivambu has reportedly admitted that his Range Rover Sport was bought with funds from the infamous VBS Mutual Bank.
A Mail & Guardian report revealed that R680 000 had been paid from Brian Shivambu's company to the dealership where he purchased the luxury vehicle.
Briefly.co.za reported that Shivambu had denied using VBS money to buy the Range Rover. The report notes that he now insists the funds are clean:
“So your imagination that there was money stolen from VBS is imaginary. Why would he settle the money if the money was stolen?”
Shivambu explained that his brother had made the payment because he had purchased one of his other vehicles:
“Of course the car [Range Rover] was registered in my name because of an earlier transaction of trading in my previous car, and in exchange of the BMW 7 Series, my brother paid the shortfall."
Brian Shivambu had made headlines after failing to repay his loan to the bank, later being forced to make payments as the bank's liquidators clamped down on defaulters.
The report raised questions over whether or not the BMW, which had been in a serious accident, was worth the amount Floyd claims Brian paid for it.
The maximum value for the 2012 model is currently at no more than R499 900 and this is without the damage the investigation claims took three years to fully repair.
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