VBS Saga: Parliament's Ethics Committee Finds EFF's Floyd Shivambu Guilty for Not Disclosing Funds

• The Parliament's joint committee on ethics has recommended a salary cut for EFF deputy president Floyd Shivambu following the VBS Mutal Bank scandal
• Shivambu was found guilty of violating the code of ethical conduct for not disclosing the money he received from his brother's company
• The committee could not link EFF leader Julius Malema and Shivambu to the embattled VBS Bank

CAPE TOWN - Economic Freedom Fighters (EFF) deputy president Floyd Shivambu's VBS Mutal Bank scandal might be behind him for now.

Parliament's joint committee on ethics and members’ interests deliberated on the R180 000 Shivambu received from his brother, who was linked to the VBS Bank saga.

Parliament to cut Shivambu's salary

The committee said Shivambu violated item 10.1.1.1 of the code of ethical conduct for failing to disclose financial interests for the three payments he received from his brother's company.

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According to SowetanLIVE, the committee recommended that Shivambu's salary be reduced by nine days on Monday, 2 October.

Shivambu currently receives R1.3 million annually, which works out to R108 333 per month.

According to EWN, Shivambu received three payments from a company owned by his brother. The company was reportedly used to funnel money from the embattled bank.

EFF weighs in on ethics committee's findings

However, the committee could not directly link EFF leader Julius Malema and Shivambu to VBS payments. The EFF issued a statement welcoming the findings that showed Malema and Shivambu did not get money from VBS Bank.

The party said Shivambu did not receive the R180 000 as a donation, but it was actually a loan from Sgameka PTY Ltd. The EFF said the company issued a sworn affidavit stating that the funds were a loan, not a donation.

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South Africans share their thoughts on committee's findings

@Pot58 said:

"It is going to be very interesting to see what they are going to do with him. That was a fraud, and therefore, he must vacate his position in parliament and his party. But I am not going to hold my breath on this outcome."

@bonglez said:

"9 days pay! That’s why the EFF’s Floyd Shivambu has been docked by parliament’s ethics committee for the non-disclosure of VBS gratuities. He got at least R180K from the elderly who lost their life savings. He is the EFF’s No.2. How pro-poor is the party really?"

@tinyikobaloyi said:

"I can't wait for the statement from EFF. In fact, even that penalty to be imposed is very trivial."

Court orders Limpopo businessman to pay back the money

Briefly News previously reported that a Limpopo businessman has been ordered to pay R260 000 while serving a suspended five-year sentence for his involvement in the VBS Mutual Bank saga.

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Keaobaka Remigious Kgatitsoe was charged with money laundering after being arrested for investing municipal funds in VBS.

Source: Briefly News