11 October 2018

South Africa: The Shivambu Brothers and the Great VBS Heist

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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...

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