Johannesburg - It was only after the failed VBS Mutual Bank's R1.89 billion looting scandal that Economic Freedom Fighters (EFF) deputy president Floyd Shivambu paid attention to his brother Brian's work for VBS majority shareholder, Vele Investments.
On Tuesday, Shivambu again distanced himself from allegations that he received R10 million from his brother Brian, after the latter was paid R16 million by the bank for doing consultancy work for Vele Investments.
"I got to pay detailed attention to the contractual relationship my younger brother had with Vele Investments, only after this issue came out that he benefited from VBS. I saw in the contract that he was providing consulting and advisory services on the non-banking assets of Vele. Vele owns other companies apart from a holding in VBS, and all those assets were acquired during the process of advisory services that are said to have taken place. There was nothing to disclose about that," Shivambu said at a press conference.
He said the EFF interference on the VBS matter was to push the SA Reserve Bank to take over curatorship of the bank, recapitalise it and make sure clients' deposits were safe. It was not meant to protect the VBS shareholders, he said.
"There has never been a R10 million that came into my account. The misinformation is deliberate and part of the propaganda machinery...its pure insanity. Its madness...be a patriot and go to the police station and report with evidence that Floyd received R10 million from VBS...there can never be such. We never took money from VBS and anyone who thinks so is mad."