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Floyd Shivambu rubbishes claims on VBS home loan for parents

A media report suggests that along with the R16 million in illicit payments, VBS also approved a R1.46 million home loan which is registered to the Slush Fund operated Brian Shivambu.

EFF deputy president Floyd Shivambu at a media briefing in Johannesburg on 16 October 2018. Picture: Abigail Javier/EWN

JOHANNESBURG – Economic Freedom Fighters (EFF) deputy leader Floyd Shivambu has dismissed a report further linking him and his brother to the looting of the VBS Mutual Bank, including financing for their parents’ home.

The Daily Maverick is reporting that along with the R16 million in illicit payments, VBS also approved a R1.46 million home loan which is registered to the Slush Fund operated by Shivambu’s brother, Brian.

This is in addition to other reports linking the Shivambu brothers to the bank, including a R400,000 deposit to purchase a R2.7 million apartment.

When asked for a response on the Daily Maverick's report that he used money from the embattled bank for his parents’ house, Shivambu dismissed the claims as rubbish and then hung up.

According to the Daily Maverick, despite not qualifying, VBS bank granted a loan to a company run by Shivambu’s brother Brian.

This is in addition to the illicit R16 million he received in an apparent fronting scheme on behalf of EFF leader Julius Malema, his deputy and the party itself.

It’s reported that Shivambu’s parents moved into the home in October 2017 and moved out just a month ago. The EFF has repeatedly exonerated Shivambu and itself from any wrongdoing with regards to the VBS Mutual Bank scandal.

(Edited by Shimoney Regter)