Thuli Madonsela urges EFF to hold internal forensic probe into VBS scandal
The former public protector calls on party to carry out internal investigation into Shivambu’s role in VBS bank saga
Former public protector Thuli Madonsela has urged the EFF to conduct its own internal forensic investigation into the VBS Mutual Bank scandal to ascertain whether its deputy president, Floyd Shivambu, was aware of his brother’s alleged involvement in it. A report commissioned by the Reserve Bank found that Brian Shivambu received R16m in "gratuitous payments" from VBS, as part of a nearly R2bn "looting" of the bank, which serviced multiple municipalities. Brian Shivambu has denied any wrongdoing. He maintains his company Sgameka Projects was appointed in 2017 to "provide professional consulting services to Vele Investments in their mining and insurance businesses" and was paid for these services through a VBS bank account. Vele Investments is the majority shareholder of VBS Mutual Bank. Madonsela says the amount paid to Brian Shivambu’s company was "huge" and should potentially have raised "red flags" with his brother. "Sometimes people are caught between maintaining the appearance ...
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