Floyd Shivambu denies he received R10m from VBS

Shivambu was responding to claims that he may have benefitted from funds allegedly looted from the collapsed VBS Mutual Bank.

Shivambu’s brother‚ Brian‚ has also denied receiving any money from VBS.

According to a forensic report released this week‚ titled “The Great Bank Heist” and commissioned by the South African Reserve Bank‚ Brian Shivambu. Brian Shivambu‚ owner of Sgameka projects‚ allegedly received R16m from VBS.

Floyd Shivambu said on Saturday that the EFF’s “principled position” on the VBS matter had always been the following: “1. That VBS must not be liquidated and should instead be recapitalised in the same way African Bank was recapitalised.”

“2. That all people who were associated with wrongdoing should be held accountable and those who illegally benefited from the fraud must be criminally prosecuted immediately.”

“3. That whilst the collapse of VBS was due to fraud and looting‚ it was also due to regulatory failure of the SARB‚ which fails to independently verify the capital adequacy of [the] bank but placed undue faith in auditing companies despite warnings about the complicity of auditors in corruption.”

“4. That the curator must protect the interests of depositors.”

“5. That the SARB should transparently manage all issues that relate to curatorship of the bank and must engage in fair practice.”

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