REPORTS: FLOYD SHIVAMBU’S BROTHER POCKETED R16M IN VBS BANK LOOT

PRETORIA – It’s being reported that a person named Brian Shivambu mentioned in the VBS Mutual Bank report had profited more than R16 million is the younger brother of Economic Freedom Fighters (EFF) deputy president Floyd Shivambu.

According to several media reports they have linked Shivambu in the report to the political leader.

Advocate Terry Motau released a shocking report on Wednesday, where they had established that more than 50 people and companies swindled more than R2 billion from the bank over 36 months.

Th Reserve Bank placed VBS Bank under curatorship in March, the EFF called on its members to defend the financial institution.

In the past, EFF defended the bank, saying it needed to because it was under attack. It has now emerged that Floyd’s brother reportedly pocketed more than R16 million in unlawful payments.

However Motau’s report did not reveal when or why Brian was paid that large sum of money. EFF responded, saying all those implicated must be blacklisted and sent to court.

Floyd Shivambu has yet commented but the EFF released a statement late on Wednesday saying that it “reiterates its position that all who are responsible and illegally benefited from the fraud must be criminally prosecuted immediately”.

“As we have previously indicated, we also reiterate that they must be black listed. Above all, the law enforcement agency must do all they can to ensure that all the money that can be recovered must be paid back in full, including attaching properties of the individuals who benefited from the defrauding of VBS.

“The EFF is concerned by the findings that the bank cannot be saved. Shutting down the bank will not help to efforts to increase black participation in the financial sector. A recovery plan that can save the bank or support of other black owned prospective black license applicants to service the people in the rural area with PTOs must be devised,” the party said.

“Finally, it is concerning that such looting has been allowed to happen since 2015 and all the much celebrated institutional mechanisms of reporting and monitoring banks by the SARB were not sufficient to prevent the defrauding of VBS. Only upon the bank giving Jacob Zuma a loan did concerns arise and decisions to closely look into its affairs happen.

“We call on the SARB to review its ability and mechanisms to monitor banks as the failure of VBS is inadvertently the failure of the SARB itself to protect ordinary citizens from being scammed by institutions masquerading as banks under its watch.”

The DA said it will lay criminal charges against the “VBS50” on Thursday.

Photo credit- ewn

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