The EFF and its deputy president, Floyd Shivambu, are sticking to their guns and deny they have benefited from the looting of VBS Mutual Bank. A forensic report commissioned by the SA Reserve Bank, published last week, found that Shivambu’s brother Brian had received R16m in "gratuitous payments" from VBS, which formed part of a nearly R2bn alleged looting of the bank, leading to its near-collapse. It has since been alleged that both Floyd Shivambu and the EFF — vocal critics of the Bank’s handling of the VBS matter – benefited from some of this money via Brian Shivambu, with the EFF deputy president reportedly receiving as much as R10m. The Bank placed VBS under curatorship in March after withdrawals by municipalities, which are legally barred from depositing money with mutual banks, caused a cash crunch. At the end of April, deposits from 14 municipalities totalled R1.2bn — money they are unlikely to recover from the bank.

At a media briefing on Tuesday, the party’s firebran...

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