Reports: Floyd Shivambu’s brother pocketed R16m in VBS Bank loot

Reports have linked Brian Shivambu, who reportedly pocketed more than R16 million, to EFF Deputy President Floyd Shivambu.

FILE: Brian Shivambu, the man who allegedly pocketed more than R16 million from the VBS bank scandal, is said to be the younger brother of Economic Freedom Fighters (EFF) Deputy President Floyd Shivambu. Picture: Supplied.

PRETORIA - It’s being reported that a person named Brian Shivambu mentioned in the VBS Mutual Bank report as having scored more than R16 million is the younger brother of Economic Freedom Fighters (EFF) deputy president Floyd Shivambu.

News24 and the Daily Maverick have linked the Shivambu mentioned in the report to the political leader.

In his report, Advocate Terry Motau established that more than 50 people and companies syphoned off nearly R2 billion from the bank over 36 months.

In March when the Reserve Bank placed VBS Bank under curatorship, the EFF called on its members to defend the financial institution.

The red berets said they could not allow a black bank to be attacked. Now, its emerged Floyd's brother reportedly pocketed more than R16 million in unlawful payments.

Motau’s report does not reveal when or why Brian was paid the sum of money.

The EFF has not responded to this development.

Below are names of people named in the report:

Vele and its associates R936 669 111 – majority shareholder in VBS

Tshifhiwa Matodzi R325 896 831 – chairman of VBS and Vele

Free State Development Corporation R104 130 932

Kabelo Matsepe R35 400 105 – former Limpopo ANCYL leader/director: Moshate Investment Group

Sipho Malaba R33 978 379 – former KPMG partner

Phophi Mukhodobwane R30 572 296 – VBS general head of treasury and capital management

Paul Makhavu R30 461 788 – attorney, Venda king’s advisor

Robert Madzonga R30 372 282 – Vele investments chief executive

Andile Ramavhunga R28 925 934 – VBS chief executive

Solly Maposa R24 441 877 – VBS retail managing director

Ralliom Razwinane R24 224 198 – director, Gundo Wealth Solutions/ANC connected

Firmanox R17 748 384

The Venda king, Toni Mphephu R17 729 758 – Venda King

Ndivhuwo Khangale R16 830 091 – VBS / Vele spokesperson

Sechaba Serote R16 653 458 - businessman

Ernest Nesane R16 646 086 – former PIC head of legal

Brian Shivambu R16 148 569 – allegedly EFF Floyd Shivambu’s brother

Paul Magula R14 818 098 – former PIC head of risk and compliance

Charl Cilliers R12 683 947 – CA, Insure Group chief executive

Tiisang Private Capital R12 489 230

Maanda Manyatshe R11 279 242 – Vele Investments chairman, former MTN boss

Sasa Nemabubuni R9 169 288 – VBS sales general manager

Sabicorp R8 453 585

Avashoni Ramikosi R5 972 288 – VBS non-executive director / former SAPS CFO

Takalani Mmbi R4 404 178 – Brilliantel finance and admin manager

Phillip Tshililo R2 039 990 – Matodzi personal assistant.

(Edited by Winnie Theletsane)