EFF ignores Shivambu family link in VBS reaction statement

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The EFF has expressed its anxiety just a few account revealing proper-scale fraud at VBS Mutual Bank, nonetheless did no longer mention a observe about the relative of one its leaders, who became once named as a participant in a “looting arrangement”. 

News24 beforehand reported that Brian Shivambu, the brother of EFF deputy president Floyd Shivambu, got R16m from the now collapsed VBS Mutual Bank.

READ MORE: Floyd Shivambu’s brother got R16m from VBS

Brian Shivambu became once on a list of 27 of us and companies who got the largest quantities of cash from the monetary institution in a “looting arrangement” totalling R1.8bn.

The list became once contained in an investigation account compiled by advocate Terry Motau, titled “The Broad Bank Heist”.

Motau’s account became once no longer determined about what the money funds to Shivambu were for.

Explosive account into VBS Mutual Bank unearths proper-scale ‘looting’

A closing investigation account into proper-scale fraud at VBS Mutual Bank has suggested that bigger than 50 folks be criminally charged and held liable in civil proceedings, following the monetary institution’s implosion earlier this year. This contains the monetary institution’s venerable executives and their friends, shareholder executives, politicians and their family individuals and auditors who signed off on the monetary institution’s “faux” financials.

In an announcement on Wednesday evening, EFF spokesperson Mbuyiseni Ndlozi critical the account and said circulate would possibly perchance perchance also simply aloof be taken.

“The EFF reiterates its plan that every who’re responsible and illegally benefited from the fraud needs to be criminally prosecuted straight. As we contain beforehand indicated, we also reiterate that they needs to be dusky listed,” he said.

“Above all, the law enforcement company must enact all they can to be determined that that every the money that will furthermore be recovered needs to be paid attend in stout, including attaching properties of the oldsters who benefited from the defrauding of VBS.”

Ndlozi became once alive to that the looting had long previous overlooked and looked to expend a dig at the SA Reserve Bank (SARB).

“… it’s touching on that such looting has been allowed to happen since 2015 and the final noteworthy-well-known institutional mechanisms of reporting and monitoring banks by the SARB were no longer ample to prevent the defrauding of VBS. Excellent upon the monetary institution giving Jacob Zuma a mortgage, did concerns come up and choices to rigorously behold into its affairs happen.

Elias Shivambu – who is a director in a firm known as Sunshine Hub alongside Brian Shivambu – confirmed to News24 that he’s Brian’s and Floyd’s father. “Slide [I am their father], nonetheless I maintain no longer know anything about the R16m.”

Told sources who contain data about the investigation into VBS also confirmed that Brian became once Floyd’s brother.

Floyd Shivambu, Ndlozi and EFF commander-in-chief Julius Malema contain no longer but spoke back to calls or texts in search of their observation.

A Twitter profile for Brian became once stumbled on on Wednesday morning, nonetheless it became once deleted within hours of the commence of the account. The memoir had been energetic since November 2010.

Consistent with the biography on the Twitter profile, Brian Shivambu is employed at the EFF headquarters and is the managing director of Mabyeni Procuring and selling and Initiatives.

Firm data for Mabyeni demonstrate that Brian Acknowledge Shivambu has been the only real director since 2011.

Additional searches revealed that Brian offered his employer info as “provincial legislature” as boring as August this year and, beforehand, the Financial Freedom Fighters.

Cell phone numbers linked to Brian went straight to voicemail when known as.

News24 has established that Brian became once a co-director in a firm known as Sunshine Hub with three other folks who portion the Shivambu surname – Hlegani Elias, Mujaji Constance and Fumani Innocent Shivambu.

Consistent with CIPC data, Sunshine Hub’s tackle is in Malamulele in Limpopo.

Floyd Shivambu is from Malamulele and his fogeys are named as Elias and Constance.

The EFF has been adamant in public statements, on Twitter or by job of the media, that VBS would possibly perchance perchance also simply aloof  – as a dusky monetary institution – be qualified.

“I suspect we would possibly perchance perchance also simply aloof wooden at #SARB in protection of our monetary institution attacked and we fold our hands. We must protect #VBSBank, essentially the most attention-grabbing monetary institution that affords mortgage to dusky rural of us with PTO’s,” Malema tweeted in March.


Motau’s account stumbled on that there became once no prospect of saving VBS Bank since it became once “wicked to the core”.

Ndlozi said in the observation on Wednesday that they hoped the monetary institution is likely to be saved or that other dusky-owned most likely dusky licence candidates is likely to be supported.

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