Report details Floyd Shivambu's alleged VBS links through brother

Report details Floyd Shivambu's alleged VBS links through brother

- A report has put forward allegations over how Floyd Shivambu received R680 000 in VBS Mutual Bank funds

- With new details emerging as investigations continue, the EFF Deputy President is once again in the spotlight

- It is now claimed that Shivambu bought himself a flat with the proceeds of crime

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Stories around Floyd Shivambu's alleged involvement in the VBS Mutual Bank scandal have been circulating for quite some time.

With investigations underway and the first batch of arrests already made, the validity of these allegations will soon be put to the test.

A Mail & Guardian report claims that Shivambu's younger brother, Brian, had benefited from the looting of the now-defunct bank.

Through Sgameka, a Pine Avon apartment was purchased in Gauteng with Shivambu claiming that Brian had entered into a rent-to-buy arrangement.

The report claims that neighbours were confused over this allegation, saying that the EFF official was there far more than his brother with the intercom labelled 'FLO'.


EFF Deputy President Floyd Shivambu
Source: UGC

READ ALSO: Shivambu shares screenshots of confrontation over VBS allegations

Previously, had reported that Shivambu's new Range Rover Sport had become the centre of another VBS-related controversy.

R680 000 had been paid directly from Sgameka to the dealer with the two brothers claiming that it had been a repayment for an older BMW Brian had purchased from Floyd.

Shivambu had denied that the money had filtered down from the looted bank, threatening a R3 million defamation suit that the publication says never materialised.

In other news, EFF leader Julius Malema had challenged top journalists to a public 'investigation' over the allegations of his involvement in the VBS scandal.

Malema had stuck to his conviction that he had never seen a cent of the funding stolen from the bank during the interview. reported that top VBS officials have been arrested with the majority pleading not guilty to the number of charges facing them.

This is with the exception of former executive Philip Truter, who had opted to plead guilty and promised to co-operate with authorities in the investigation.

Over R2.7 billion was stolen from the bank with a number of municipalities found to have illegally invested in the now-liquidated entity.

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