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By Citizen Reporter


Brian Shivambu accuses Nedbank of ‘sabotage’ for trying to take his Corolla

The bank dragged Floyd's brother to court after his company's failure to keep up with monthly payments on a Toyota.

Despite allegations in a report commissioned by Treasury that he received a “gratuitous” R16 million from VBS Bank, Brian Shivambu’s company Mabyeni Trading and Projects appears to be struggling amid threats from Nedbank to repossess a car after months of failing to pay its monthly instalments, Sunday World reports.

Shivambu appeared in the South Gauteng High Court, where Nedbank’s Motor Finance Corporation is taking action against him.

But Shivambu has accused Nedbank of trying to “sabotage” him, calling the timing, just a week after the VBS Bank scandal made the news, “worrying.”

According to the businessman, who says he Ubers and takes taxis rather than driving, the car is used by employees, he hasn’t seen it since last year and, while he admitted to the missed payments, he says these are the fault of his employees.

READ MORE: Brian Shivambu plans to sue Reserve Bank for defamation

“I only became aware of the arrears last week after Nedbank sent me an email informing me of their intended action. I paid R34,000 this week to clear the arrears,” Shivambu said. He declined to show Sunday World a proof of payment, as he is under no obligation to do so.

The court papers show that Shivambu bought the car in December 2016 for R381,000, was expected to pay 70 monthly instalments leading to the car being paid off in January 2023, but in 2018 defaulted on payments for six months. One of a series of letters dated August 20 2018 threatens to repossess the car if payments are not made.

According to advocate Terry Motau, who wrote the damning report The Great Bank Heist for the Reserve Bank in association with Werksmans attorneys, Brian Shivambu received R16,148,569 in “gratuitous payments” from VBS.

Shivambu, however, has threatened to sue the Reserve Bank for defamation. He denies having received any money irregularly, saying in a statement that his company, Sgameka Projects, merely provided “professional consulting services to Vele Investments in 2017”, but did not receive money from the bank.

He added that Vele had asked him to open an account with VBS, and that “receiving money through VBS account does not mean that VBS paid me money”.

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