11 October 2018

South Africa: The Shivambu Brothers and the Great VBS Heist

Photo: Supplied
VBS Bank logo.

The EFF and its Deputy President Floyd Shivambu have benefited financially from the VBS Mutual Bank scandal, sources claim. Shivambu, who is said to have received about 10 million VBS-rand through his younger brother Brian, has for months tried to suppress the investigation into VBS by casting shadows over the integrity of officials in National Treasury and the Reserve Bank. Since the VBS report, titled 'The Great Bank Heist', was released on Wednesday, the EFF has retracted into a stony silence. A tame media statement on Wednesday evening, released just before 21:00, reiterated the party's position 'that all who are responsible and illegally benefited from the fraud must be criminally prosecuted immediately'. While details are still somewhat sketchy, this is what we know so far:

The EFF has allegedly received R1.3-million illegally flowing from VBS Mutual Bank into the party's bank account, three sources told Scorpio.

Floyd Shivambu's younger brother, Brian, allegedly funneled around R10-million through a company called Sgameka Projects into Floyd's personal bank account, the same...

More on This

Revenue Service Investigating Zuma's Nkandla Fringe Benefit Tax

The Democratic Alliance wants the South African Revenue Service to speed up its investigation in President Jacob Zuma's… Read more »

See What Everyone is Watching

Copyright © 2018 Daily Maverick. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.