Brian Shivambu, in his personal capacity, must pay back R1.78m owed to VBS Mutual Bank, the South Gauteng High Court found earlier this month. That is after Shivambu, through his attorneys, paid R1m at court and conceded an order for the balance of an accrued R2.78m. The order relates to a R4m VBS business loan to Shivambu for a wine bar and restaurant in Soweto, and includes interest as well as costs on attorney-client scale.
Brian Shivambu is indebted to the curators of VBS Mutual Bank because he signed surety for a R4-million business loan in December 2017 in order to start a wine bar in Vilakazi Street, Soweto.
VBS managed to pay R2.1-million towards the wine bar before the bank was put under curatorship in 2018, after being robbed into insolvency.
The South Gauteng High Court delivered an order on 6 August 2019 favouring liquidator Anoosh Rooplal's request for full repayment of the loan, plus interest and cost.
Court Order - Brian Shivambu
While at court on 5 August, Shivambu, brother of EFF deputy president Floyd Shivambu, conceded to being indebted and effected a R1-million electronic payment through his attorneys on the day, Rooplal's spokesperson Louise Brugman said. He...