Brian Shivambu’s Sgameka pays back the capital on VBS loans
The company, however, still owes VBS the interest on the loans, and has until Monday to file the affidavit
The VBS Mutual Bank liquidator’s application against Brian Shivambu’s Sgameka has been postponed to allow the company to file another affidavit with the high court in Johannesburg.
This was after Sgameka unexpectedly paid back the capital amount on a loan and mortgage taken with the bank in 2017 and 2016, respectively.
The company, however, still owes VBS the interest, and now has until Monday to file the affidavit. VBS liquidators lodged the application in a bid to recover more than R4.2m owed by Sgameka, and to have it liquidated.
Shivambu, who is EFF deputy president Floyd Shivambu’s brother, is personally liable for the loans.
VBS’s liquidators are trying to recover the money owed to the bank, which collapsed in 2018 after it was allegedly looted of about R2bn.
A forensic report commissioned by the SA Reserve Bank, published in April, found that Brian Shivambu had received R16m in “gratuitous payments” from VBS, which formed part of the alleged looting of the bank, leading to its near collapse.
It has since been alleged that the EFF, leader Julius Malema and deputy Floyd Shivambu — all vocal critics of the Reserve Bank’s handling of the VBS matter — benefited from money embezzled from the bank.
They have, however, denied that.