Shivambu’s brother denies involvement in VBS looting
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Shivambu’s brother denies involvement in VBS looting

Brian Shivambu, the brother of EFF Deputy President Floyd Shivambu, has denied any involvement in the looting of VBS Mutual Bank.


Brian Shivambu

A report by Advocate Terry Motau and Werksman Attorneys, entitled 'The Great Bank Heist", claims that he benefitted to the tune of R16 million.


Shivambu says his company, Sgameka Projects, was never in business with the bank and only provided consulting services to the bank’s biggest shareholder Vele Investments.


Vele Investments and its associates are said to have walked away with R936 million.

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Shivambu says because of his contractual agreement with Vele Investments, he was advised to open an account with VBS for ease of payments.


“Even though the VBS report mentioned my name, at no stage did the VBS Mutual Bank investigators write to me, interview me or interrogate me to explain my business relationship with Vele Investments. Had they bothered to contact me I would have satisfactorily demonstrated to them that I have had no dealings with VBS. It is discomforting and unlawful to pass judgment on anyone without granting them an opportunity to state their case.”


In the statement, he vowed to lay charges of defamation against Werksman Attorneys for failing to give him right of reply.


“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. I am aware that my brother’s name has been raised in relation to this matter. I am a private businessman and I do not intend to involve myself or my family in political debate.”


Shivambu says he is willing to cooperate with law enforcement officials investigating the collapse of the Limpopo-based bank.  

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