The Gauteng High Court in Johannesburg has ordered Brian Shivambu, the brother of the EFF’s Floyd Shivambu, to pay R1.78m to VBS Mutual Bank’s liquidators.
According to the Mail & Guardian, the order relates to an application Anoosh Rooplal, the liquidator of the now defunct mutual bank, lodged as part of efforts to recover R2.7m that was part of a R4m loan granted to Shivambu’s company, Sgameka Projects, in late 2017.
News24 previously reported that Brian received R16m in total from the collapsed VBS Mutual Bank.
This was revealed in a bombshell investigation report compiled by advocate Terry Motau and released by the SA Reserve Bank in October last year. the report references Brian in a list of 53 individuals and companies who received the largest amounts of money from the bank in a “looting scheme” totalling R1.8bn.
Motau recommended that these individuals and companies, including Brian Shivambu, be criminally charged and held liable in civil proceedings, following the bank’s implosion. This includes the bank’s former executives and their associates, shareholder executives, politicians and their relatives and auditors who signed off on the bank’s “fraudulent” financials.