Brian Shivambu denies receiving cash from VBS Bank

19:11 (GMT+2) Thu, 11 Oct 2018

Brian Shivambu, the brother of EFF Deputy President Floyd Shivambu, has denied receiving R16m from the now-defunct VBS Mutual Bank.

He said in a statement on Thursday that he now plans to sue the SA Reserve Bank for defamation of character.

"I am willing to cooperate with law enforcement institutions in South Africa to put this matter to rest.  I believe that anyone who is found guilty of wrongdoing in the VBS case must be held accountable and monies that were illegally siphoned should be paid back," he said.

A report commissioned by the Reserve Bank into the failed VBS Mutual Bank and released on Wednesday contained explosive details of how close on R2bn was looted by the bank's top management and their associates, which allegedly included Brian Shivambu, who reportedly pocketed R16m.

Shivambu said his company, Sgameka Projects, was appointed by Vele Investments in 2017 to provide professional consulting services.  Sgameka did not have any business relationship, nor did it receive money from VBS Mutual Bank, he said.

He said he worked for the EFF Students Command as an administrator in Braamfontein but left the employment of the EFF in June 2017 to focus on his business interests. 

"My brother Floyd Shivambu is the deputy president of the EFF, and not the owner of my businesses. I committed to him that I will give him support, which I have done where possible," Brian Shivambu said.

According to the online news site Daily Maverick, the EFF allegedly received R1.3 million illegally flowing from VBS into the party’s bank account. The report said Brian allegedly funnelled around R10 million through his company into Floyd Shivambu’s personal bank account.

- African News Agency (ANA)