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Questions raised over extent of EFF involvement in VBS Bank fraud

EFF deputy president Floyd Shivambu has been identified as one the people implicated in what's been called 'the great bank heist'.

FILE: EFF chief whip Floyd Shivambu. Picture: @EFFSouthAfrica/Twitter

JOHANNESBURG – Questions have been raised about the extent of the Economic Freedom Fighters (EFF)'s involvement in the VBS Mutual Bank scandal now that its deputy president has been identified as one the people implicated in what's been called "the great bank heist".

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 reports 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 and that the Asset Forfeiture Unit initiate the process to recover the stolen funds.

The evidence consists of bank statements but this is not included in the report to the South African Reserve Bank, as the investigators' mandate related to VBS Bank specifically.

The EFF released a statement on Wednesday night which made no mention of Shivambu's alleged involvement.

It emphasises that those who have benefitted must be prosecuted immediately but lacks its usual hard-hitting statements.

The report also reveals that senior African National Congress officials, former KPMG bosses and royalty are among the 50 recipients of more than R1.8 billion siphoned out of the bank.

Meanwhile, the Democratic Alliance's Kevin Mileham has challenged the EFF to come forward and respond to these allegations.

(Edited by Leeto M Khoza)