South Africa: Brian Shivambu's Secret Admission of Taking VBS Money for Nothing Collapses Entire Malema-Floyd Aggressive Defence

The VBS Mutual Bank website (file photo).
analysis

While they were positioning themselves as the moral leaders of the oppressed, Julius Malema and Floyd Shivambu were exchanging their political power for gifts and 'interventions'. And cash, loads of it.

Brian Shivambu's years-long denial and angry claims about the legitimacy of the VBS loot he funnelled to his brother Floyd Shivambu and EFF leader Julius Malema collapsed this week when Scorpio made public his secret admission of wrongdoing in this tragic saga that left thousands of the poorest of the poor out of pocket and out of options.

Brian Shivambu signed an acknowledgement of debt for R4.55-million with Vele Investments (VBS's main shareholder, propped up with VBS money) while admitting that there was "no underlying basis for the payment". The admission was "protected" by a confidentiality clause his lawyers insisted on. This R4.55-million is a piece of the larger sum of about R20-million in VBS loot funnelled to the EFF and its leaders.

Stripped of the legalese, Brian Shivambu admitted that the VBS loot was paid into his bank account for no legitimate reason. The last time we checked, that's illegal.

This admission blows away the bluster, the threats and the abuse meted out...

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