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By Citizen Reporter


EFF must check if Floyd knew about Brian, VBS link – Madonsela

A report commissioned by the Reserve Bank pointed to Brian, among several officials, to have benefited from the R2 billion VBS bank scandal.

Professor Thuli Madonsela has persuaded the Economic Freedom Fighters (EFF) to do their own investigations on their deputy president Floyd Shivambu to probe if he was aware of his brother’s reported involvement in the VBS looting scandal.

A TimesSelect report suggests Madonsela is insisting the red berets conduct their own forensic investigation on Brian Shivambu allegedly receiving R16 million in “gratuitous payments” from VBS mutual bank.

A report by advocate Terry Motau and law firm Werksmans Attorneys commissioned by the Reserve Bank pointed to Brian among several officials to have benefited from the R2 billion bank scandal.

Brian has denied receiving money from VBS mutual bank and has threatened legal action against those who have “defamed” him.

As the owner of Sgameka projects, which allegedly received the R16 million, Brian said his company did not have a working relationship with VBS and has never received any payment from the mutual bank.

In a statement, he claimed his company was contracted to provide professional consulting services for Vele Investments. None of the investors contacted him according to Brian, although the report named him among other officials.

He claimed the investors did not get back to him. If they had, he said he would have demonstrated to them that he had no dealings with VBS.

Brian denied the allegation that he engaged with municipalities and encouraged them to put money into VBS.

Both the Hawks and the National Prosecuting Authority have teamed up to investigate the looting of funds from the Venda based bank.  The team will be guided by the NPA.

The looting scandal nearly cost thousands of depositors their savings. The bank was established to address the high number of non-banking citizens in Venda rural areas in Limpopo.

VBS is widely used for collective saving schemes with a majority of its customers being the elderly and the poor.

(Compiled by Gopolang Chawane)

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