EFF deputy president Floyd Shivambu   File picture: Sibonelo Ngcobo/African News Agency (ANA)
EFF deputy president Floyd Shivambu File picture: Sibonelo Ngcobo/African News Agency (ANA)

I never received R10m: Floyd Shivambu breaks silence on VBS report

By Staff Reporter Time of article published Oct 13, 2018

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EFF deputy president Floyd Shivambu has finally broken his silence on a damning report on VBS Mutual Bank released this week in which his brother Brian was implicated. In a statement released on Saturday, the EFF politician denies ever receiving R10 million from VBS or anyone else into his personal account.

Earlier this week South Africans were shocked after the release of forensic report by investigators appointed by the South African Reserve Bank into the failure of VBS Mutual Bank, which found that some 50 people received R1.894 billion from the bank over a three-year period starting in March 2015. 

Most of that money flowed to VBS executives and entities linked to them, notably Vele Investments, resulting in the "significant impoverishment" of the bank's depositors, says the report titled "The Great Bank Heist". 

Brian Shivambu has denied receiving money from VBS Bank through his company Sgameka Projects. 

“My company, Sgameka Projects was appointed to provide professional consulting services to Vele Investments in 2017. My company did not have any business relationship, nor did it receive money from VBS Mutual Bank. The contract entered between Vele Investments and Sgameka Projects does not state anywhere that my company will receive payments from VBS Mutual Bank,” a statement released on Thursday said.  

All eyes have been on the EFF since Daily Maverick reported that the party had received R1.3 million of the funds while Floyd Shivambu received R10 million. 

On Saturday morning EFF spokesperson Myebuseni Ndlolozi tweeted this statement from Floyd Shivambu:

* Read more on the #VBSBankHeist here.


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