Brian Shivambu threatens to sue Reserve Bank over VBS report

A branch of VBS Mutual Bank in Thohoyandou, Limpopo
A branch of VBS Mutual Bank in Thohoyandou, Limpopo
Image: ANTONIO MUCHAVE

Brian Shivambu‚ the brother of EFF deputy president Floyd Shivambu‚ has threatened to sue the SA Reserve Bank over the damning VBS report.

Brian Shivambu, who allegedly received R16.1m from “gratuitous payments”, according to the report, said on Thursday afternoon that he was never contacted by investigators to interview him to explain his role.

A report by online news site The Daily Maverick also suggested on Thursday that the EFF had allegedly received R1.3m.

The report‚ citing three unnamed sources‚ alleged that Brian Shivambu had funnelled R10m through a company called Sgameka Projects into Floyd’s personal bank account.

Evidence of the payments was contained in bank statements being kept under “lockdown”.

The report said that these statements were not included in the report because the investigators’ mandate related specifically to VBS.

Floyd Shivambu‚ EFF leader Julius Malema and the party were not directly implicated in the VBS report.

EFF chair Dali Mpofu has also denied that the central bank investigation implicated anyone in the party.

“There is no way the EFF got money from VBS. That I can say categorically,” Mpofu told television station ENCA.

Brian Shivambu said: “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 caused to my family‚” he said.

Shivambu denied that his company‚ Sgameka Projects‚ had any relationship with VBS Mutual Bank, or had received cash from the bank.

“In 2017, my company‚ Sgameka Projects was appointed to provide professional consulting services to Vele Investments in their mining and insurance businesses‚” he said.

Vele Investments is the majority shareholder of VBS.

“During the contracting period‚ Vele Investments advised me that since they bank with VBS‚ our company and myself as its director should open a bank account with VBS Mutual Bank for ease of payments.

“Sgameka Projects has since 2017 offered the services to Vele Investments and received monthly payments as stipulated in the contract.”

He said had the investigators contacted him‚ he would have provided satisfactory answers that he had no dealings with VBS Mutual Bank.

“It is discomforting and unlawful to pass judgment on anyone without granting them an opportunity to state their case‚” he said.

“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 debates‚” he said.

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