Brian Shivambu to pay back R4.5m received from looting of VBS - report

An acknowledgement of debt contract seen by the 'Daily Maverick' revealed that the Brian Shivambu, the brother of EFF deputy president Floyd, signed the contract in March last year, admitting that he received millions of rands for doing nothing.

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.

JOHANNESBURG - Brian Shivambu, the brother of Economic Freedom Fighters (EFF) deputy president Floyd Shivambu, has reportedly signed an agreement to pay back R4.5 million that he allegedly received from the now-infamous VBS Heist, according to the Daily Maverick.

An acknowledgement of debt contract seen by the online publication revealed that the younger Shivambu signed the contract in March last year, admitting that he received millions of rands for doing nothing.

The_ Daily Maverick_ has over the last few years reported extensively on the VBS Heist, which allegedly linked numerous municipalities, businesspeople and politicians - including EFF members - among others, to the widescale looting.

Speaking to 702's Clement Manyathela, Pauli van Wyk, investigative journalist at Daily Maverick, explained why he signed the acknowledgement.

"We know from my investigations that the money was sent to the EFF, the party itself, to fund its fourth birthday bash in Umlazi [KZN]. It was sent to Floyd Sshivambu to fund all sorts of luxury clothing and parties - the same with Julius Malema... It was stolen money," said van Wyk.

"He lied to all of us. When I questioned him about how he received the money, we spoke about R16 million in cash and around R4 million in loans... he lied about it and said he had a business relationship..."

Listen to the audio below for more.

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