'It's your own madness': Floyd Shivambu insists brother paid off VBS loans
EFF deputy president Floyd Shivambu has defended his younger brother Brian using proceeds of the looting of the doomed VBS Mutual Bank to buy him a luxury vehicle.
The Mail & Guardian reported on Friday that Brian’s company Sgameka electronically transferred R680 000 to Trenditrade 23, which trades as the Land Rover dealership where his elder brother traded in his 2013 Range Rover Sport in exchange for a brand new one.
”And the b******t that the money was stolen from VBS is your own MADNESS because he (Brian) paid the loans he had from VBS,” Floyd told the weekly publication.
He previously denied his luxury SUV was bought with money looted from VBS.
Shivambu said Brian paid R680 000 to the dealership as part of his purchase of one of his old cars – a 2012 BMW 7 Series – that was involved in an accident and repaired by a panel beater over a period of three-years.
“Of course the car [Range Rover] was registered in my name because of an earlier transaction of trading in my previous car, and in exchange of the BMW 7 Series, my brother paid the shortfall,” Shivambu explained.
The dealership has confirmed that Shivambu bought a Range Rover Sport, which is now reportedly part of a Hawks investigation.