Brian Shivambu, the brother of EFF deputy president Floyd Shivambu, received R16m from the now collapsed VBS Mutual Bank.
This is revealed in a bombshell investigation report compiled by advocate Terry Motau, and released by the SA Reserve Bank on Wednesday, which references Brian Shivambu in a list of 27 individuals and companies who received the largest amounts of money from the bank in a “looting scheme” totaling R1.8bn.
Motau’s report is not clear on what the cash payments to Shivambu were for.
Elias Shivambu – who is a director in a company called Sunshine Hub alongside Brian Shivambu – confirmed to News24 that he is Brian’s and Floyd’s father. “Yes (I am their father), but I don’t know anything about the R16m.”
Read the full story here: News24