R10 million siphoned from VBS to Floyd Shivambu's personal account

Senior ANC officials, along with members of the EFF are among those being fingered in the scandal relating to more than R1 billion being siphoned out of VBS Mutual Bank.

What they could see is that money moved from the bank to the EFF account, around 1.3 million, and then from the R16 million that moved from Brian Shivambu's account, it was funnelled to a company that he is the sole director of.

Pauli van Wyk, investigative journalist, Daily Maverick

Then around 10 million was moved to Floyd Shivambu's personal bank account.

Pauli van Wyk, investigative journalist, Daily Maverick

So could the apparent involvement of senior members of the EFF reveal the true motive for the party's previous defensive of VBS and calls to save the financial institution?

Van Wyk says EFF leader, Julius Malema and Floyd Shivambu have, in recent months, spoken of an imminent media attack against the party.

It's now very clear they pre-empted what would happen.

Pauli van Wyk, investigative journalist, Daily Maverick

Listen to the full interview here:


Recommended

by NEWSROOM AI
Read More
Conservative Party victory gives Boris Johnson breathing space and flexibility

Conservative Party victory gives Boris Johnson breathing space and flexibility

EWN correspondent Peter Anderson weighs in on the UK election that saw the party winning a large majority.

[WATCH] Customer continues to add sauce to chips while being robbed, goes viral

[WATCH] Customer continues to add sauce to chips while being robbed, goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

'VBS is being investigated and there is progress in that regard' - Hawks

'VBS is being investigated and there is progress in that regard' - Hawks

A report published by the SARB shows that close to R2 billion had been looted from the bank by over 50 individuals.

 VBS Mutual Bank 'heist' report recommends criminal charges

VBS Mutual Bank 'heist' report recommends criminal charges

The report was released to the public on Wednesday, implicating VBS directors and executives who pocketed millions.

Execs at VBS Mutual Bank plundered it to death, it can’t be saved - report

Execs at VBS Mutual Bank plundered it to death, it can’t be saved - report

"VBS Mutual Bank — The Great Bank Heist". Bruce Whitfield interviews Intellidex Financial Analyst Stuart Theobald.

The missing R80 million from Community Schemes Ombud Service is with VBS bank

The missing R80 million from Community Schemes Ombud Service is with VBS bank

The bank is currently under curatorship which means the money cannot be accessed.

Popular articles
Are banks and corporates allowed to activate early December payment?

Are banks and corporates allowed to activate early December payment?

Wendy Knowler looks into the practice of many banks and corporates of “unilaterally” activating an early debit for December payment.

Case of man accused of killing Precious Ramabulana postponed to end of January

Case of man accused of killing Precious Ramabulana postponed to end of January

EWN reporter Kgomotso Modise gives an update following the death of Limpopo's student.

Amanda Black on reclaiming her power

Amanda Black on reclaiming her power

The "Afro Rockstar" sensation has released her second album, appropriately titled 'Power'.

[WATCH] 'I didn't poop, I peed,' kid excited that he went potty successfully

[WATCH] 'I didn't poop, I peed,' kid excited that he went potty successfully

Khabazela shares tweets and Facebook posts that have gone viral.

Karoo farmers forced to cull 'weak sheep' amid worsening Northern Cape drought

Karoo farmers forced to cull 'weak sheep' amid worsening Northern Cape drought

The drought is pushing farmers to the edge in the Northern Cape. A Karoo farmer says most farmers are downscaling their herds.