Floyd Shivambu accused of using VBS cash to enjoy luxury lifestyle

Floyd Shivambu accused of using VBS cash to enjoy luxury lifestyle

- A report has alleged that Floyd Shivambu used two companies managed by his brother to funnel funding from VBS Mutual Bank

- The funds reportedly went to funding his lifestyle, having received around R16 million from the now-collapsed entity

- The DA has promised to take action against those implicated in the reports, with no declarations of the funding disclosed to Parliament

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The Daily Maverick has released the findings of its Scorpio investigation, claiming that Floyd Shivambu utilised two companies as slush funds for VBS money.

The SA Reserve Bank report released last year noted that Brian Shivambu and his companies had received an alleged R16 million from the defunct bank.

Sgameka Projects and Grand Azania were linked to the EFF deputy president during the investigation.

Shopping sprees in Sandton City and the V&A Waterfront, a Zambian getaway, wedding expenses and a Range Rover were all listed as reported ways Shivambu blew the ill-gotten funds.

Luxury clothing, groceries as well as flights and hotel stays were all deducted from the accounts linked to having received funding from VBS.

READ ALSO: Shivambu shares screenshots of confrontation over VBS allegations

Briefly.co.za reported that the Range Rover Sport had been the subject of a great deal of controversy for Floyd, who had allegedly admitted to using VBS funding to cover the cost.

Shivambu had later retracted his admission and released screenshots of a conversation between himself and the journalist who penned the report.

News24 reports that Democratic Alliance chief whip John Steenhuisen had failed to find any parliamentary declarations of the payments, vowing to take the matter further:

"Even if Shivambu had declared the money, he is alleged to have received for his wedding expenses, the DA maintains that he would still be in breach of the code of conduct, which requires MPs, among other things, to always act in a manner that maintains public confidence and trust in the integrity of Parliament."

While reports of this nature have garnered a torrent of criticism against the media houses involved, including Julius Malema barring two from party events, no legal action has been announced over the claims.

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Source: Briefly.co.za

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