VBS liquidators sue Brian Shivambu and his company for R4.2m
In papers before the high court, SizweNtsalubaGobodo Grant Thornton asks for Sgameka Projects to be placed under liquidation over its alleged breach of a contract
The liquidators of VBS Mutual Bank are suing Brian Shivambu, the brother of EFF deputy president Floyd Shivambu, and his company, Sgameka Projects, for R4.2m in unpaid loans and mortgages. In papers before the high court in Johannesburg, Anoosh Rooplal, of the accounting and advisory firm SizweNtsalubaGobodo Grant Thornton, asks for Sgameka Projects to be placed under liquidation over its alleged breach of a R4.2m contract. Rooplal told Sunday Times two applications had been made — one against Shivambu and the other against his company — to recoup some of the millions lost by VBS. “We requested the sheriff of the court to serve Shivambu immediately. He has five court days to respond as to whether he will accept the application or oppose it. Then he has another 15 days to file an opposing affidavit,” he said.
The R4.2m includes R2.7m that VBS claims Shivambu owes the bank in unpaid loans, plus interest. “The R2.7m we are suing Shivambu for is based on a surety he signed on beha...
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