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EFF to respond to VBS Bank fraud claims next week

The 'Daily Maverick' is reporting that Floyd Shivambu's brother, Brian, was one of the individuals who received millions of rand through his company which was then given to Shivambu and his party.

EFF deputy president Floyd Shivambu at the Buang Basadi event. Picture: @EFFSouthAfrica/Twitter

_Editor's note: Since publishing this story, the Economic Freedom Fighters (EFF) has said they will respond to the claims found in the VBS Bank report next week. _

JOHANNESBURG - Earlier on Thursday EFF was not yet available to respond to allegations that the party and its deputy president benefitted from the VBS Mutual Bank scandal.

The Daily Maverick is reporting that Floyd Shivambu received about R10 million through his younger brother, Brian, who funneled money through a company called Sgameka Projects into Shivambu's personal bank account.

The publication also says that the EFF received about R1.3 million of this money.

A final investigation report released on Wednesday has recommended that the implicated parties be referred to the National Prosecuting Authority (NPA) to be criminally charged.

There had been no response yet from the EFF about allegations that Floyd Shivambu received over R16 million from VBS Bank.

The Daily Maverick is reporting that Shivambu's brother, Brian, was one of the individuals who received millions of rand through his company which was then given to Shivambu and his party.

News24 has reported that it has spoken to Elias Shivambu, the father of the brothers, who says he doesn't know anything about the R16 million.

A number of other high-profile people have also been identified as having benefitted from the now collapsed bank but the South African Reserve Bank says that this report is not a reflection of either guilt or innocence of any party, as they haven't been given an opportunity to respond.

A copy of the investigation report has been handed to law enforcement authorities.

In a statement released on Wednesday night by the EFF, the party says that all those responsible should be prosecuted immediately while the Democratic Alliance (DA) says it will lay charges against all those who have been implicated.

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