Dylan Bettencourt
Brian Shivambu has signed an acknowledgment of debt of R4,55 million, thereby admitting that he received money illegally from Vele Investments.
In 2017 Advocate Terry Motau’s report, “The Great Bank Heist,” implicated Brian Shivambu, the EFF’s Floyd Shivambu’s brother, as one of the people who benefited illicitly from the now defunct VBS mutual bank.
Vele Investments is the majority shareholder of VBS Mutual Bank.
Brian Shivambu has denied this since the report came out, but it has now been confirmed that the investigator was correct.
Daily Maverick reports that Brian Shivambu signed a document on 23 March 2020, in which he admitted to the unjust transfer of R4,55 million, promising to pay back the amount in full.
Shivambu’s attorneys reportedly insisted on a secrecy clause as part of the contract.
The document states: “There is no underlying basis for the payment of R4,550,000 and accordingly the amount of R4,550,000 must be repaid to Vele Investments.”
Years of money flowing from three VBS-linked companies, of which Vele Investments is one, was outlined in the document signed by Shivambu. One of the three companies, Sgameka Projects, is owned by Brian Shivambu.
He previously denied the alleged links between VBS and Sgameka.
“Sgameka projects does not have any working relationship with VBS Mutual Bank and has never received any payment from VBS Mutual Bank,” he said in a statement made in 2018.
The full R4,55 million owed to Vele Investments has been repaid, according to a payment plan and the final payments being accelerated, according to news reports.
Fifteen individuals have thus far been arrested for fraud in relation to VBS Mutual Bank’s collapse.
The bank’s CFO, as well as its management, attorneys and auditors have all pleaded guilty and will go to court on 188 counts of theft, fraud, corruption and money laundering.
Image source: @Briefly
