Floyd Shivambu might have benefited from VBS Bank fraud


The Economic Freedom Fighters (EFF) is not yet available to respond to accusations that the party and its deputy president benefitted from the VBS Mutual Bank fraud.

Daily Maverick reported that Floyd Shivambu received around R10 million into his personal bank account from his younger brother Brian, through a transfer from a company called Sgameka Projects.

The report also says that EFF received around R1.3 million of this money.

On Wednesday a final investigation report released has proposed that the involved parties be introduced to the National Prosecuting Authority (NPA) to be criminally charged.

News24 has reported that it has spoken to their father Elias Shivambu, he says he knows nothing about the R16 million.

Numerous people of high-profile have been identified as being benefited from the collapsed bank. South African Reserve Bank says this report is not a reflection of either guilt or innocence of any party, as they haven’t been given an opportunity to respond.

An investigation report copy has been submitted to law enforcement authorities.

In a statement released on Wednesday, the EFF says all those who are accountable should be prosecuted immediately, while the Democratic Alliance (DA) says it will charges against against all those who are involved.