Brain Shivambu

Lead South Africa

Shivambu denies receiving cash from VBS, threatens to sue the central ban

JOHANNESBURG, October 11 – Brian Answer Shivambu, the brother to Economic Freedom Fighters (EFF) Deputy President Floyd Shivambu has on Thursday, denied receiving R16 million from the now defunct VBS Mutual Bank.

In a statement Shivambu said he 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 with wrongdoing on the VBS case must be held accountable and monies that were illegally siphoned should be paid back. Equally I intend to legally pursue the owners of the VBS report for defamation of my character and that of my company as well as for the strain this report has caused to my family,” read the statement.

“Pursuing allegations levelled against me in South Africa’s law does not permit anyone to put a juristic or natural person into trial, and convict them without granting them the right to state their version.”

The explosive report by Advocate Terry Motau, titled “The Great Bank Heist”, released Wednesday by the central bank, detailed how R1.894 billion was looted from the bank over a three-year period by VBS executives and entities linked to them, notably Vele Investments. Shivambu is alleged to have received R16 million from the bank.

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.

“The contract entered between Vele Investments and Sgameka Projects does not state anywhere that my company will receive payments from VBS Mutual Bank.  Vele Investments told me that since they bank with VBS, our company and myself as its director should open a bank account with VBS for ease of payments. Receiving money through VBS account does not mean that VBS paid me money,” he said.

“Sgameka Projects has since 2017 offered the services to Vele Investments and received the monthly payments as stipulated in the contract. My company does not have any business relationship with VBS.”

He said he worked for the EFF Students Command as an administrator in Braamfontein.

“I left the employment of the EFF in June 2017 to focus on my 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.”

According to the online news site Daily Maverick, 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.

EFF mum on its deputy president’s brother’s VBS allegations


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