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Pauli van Wyk explains how the Shivambu brothers benefited from VBS

4 April 2019 12:20 PM
Tags:
EFF
Corruption
Floyd Shivambu
vbs
Brian Shivambu
#VBS Mutual Bank

Daily Maverick's Pauli Van Wyk discusses her expose on the Shivambu brothers and VBS with Eusebius McKaiser.

Scorpio journalist for the Daily Maverick, Pauli Van Wyk has written an expose about how the Shivambu brothers, Floyd and Brian, further benefited from VBS Mutual Bank.

She details how Grand Azania, a company that belongs to Brian Shivambu, brother of the Economic Freedom Fighters (EFF) deputy president Floyd Shivambu, benefited from a questionable R4-million VBS Mutual Bank business loan.

Read: Journalist connects dots between Grand Azania, Shivambu brothers and VBS saga

She describes to Eusebius McKaiser how she went through the vast Terry Mudau's VBS Heist report.

You would have expected some arrests by now. The report was released in October, so you would have expected at least the asset forfeiture and the Hawks freezing some assets, but that didn't happen so that is probably not going to be recouped.

Pauli Van Wyk, Scorpio investigative journalist - Daily Maverick

Van Wyk says she went through the Mudau's report numerous times and there are many things the report doesn't show.

That report is also volume one and I don't think that many people realise that there are other volumes and only this first one was published.

Pauli Van Wyk, Scorpio investigative journalist - Daily Maverick

She notes that Floyd Shivambu and Julius Malema's favourite criticism of her work is that the EFF is not mentioned in the first volume. While she agrees that is true, it is because Brian Shivambu was the first tier receiver.

Which means that money went from VBS affiliates to Sgameka Projects and there the Mudau report stops. It doesn't trace the money as it flows through to the second, third and fourth receiver.

Pauli Van Wyk, Scorpio investigative journalist - Daily Maverick

That is how fraud and corruption works...You always want to be two to three steps removed and then maybe it makes a loop and you speak of money laundering.

Pauli Van Wyk, Scorpio investigative journalist - Daily Maverick

She says when after looking at Brian Shivambu's Sgameka bank statements and the money flowing out, she realised that she needed to probe to where the money was flowing.

As you probe more and speak to sources, you realise that there was more money flowing to the Shivambus and to the EFF.

Pauli Van Wyk, Scorpio investigative journalist - Daily Maverick

And by probing, asking questions and doing proper investigating work I realised that there is this extra R4 million business loan that was used for this wine bar they envisioned in Soweto called Grand Azania.

Pauli Van Wyk, Scorpio investigative journalist - Daily Maverick

She says because Brian Shivambu didn't qualify for a loan, his brother used his influence and met with Mr Matodzi to ensure that these loans were granted.

Mr Floyd Shivambu met with Mr Matodzi. They had personal discussions which were recorded by Brain Shivambu in a mail where he CC'd his brother and the credit manager David Nthlokwe of VBS at the time. The credit manager awarded the loans.

Pauli Van Wyk, Scorpio investigative journalist - Daily Maverick

It was very clear from those emails that there were discussions and influence used to get that loan for Brian.

Pauli Van Wyk, Scorpio investigative journalist - Daily Maverick

She adds that the further she dug, she discovered how the money trail flowed from VBS accounts to the Shavambu linked accounts.

What the Mudau report has published is that Brian Shivambu received R16.1 million. We don't know what for, we don't know how and we don't know any of the details, that is it for volume one.

Pauli Van Wyk, Scorpio investigative journalist - Daily Maverick

Then I received from impeccable sources some of the financial statements. So what I had to do is do a proper audit of the money flows and put pieces together. I didn't get this whole pack of things, I had to search. It is like a puzzle that you build.

Pauli Van Wyk, Scorpio investigative journalist - Daily Maverick

Listen below to the full interview and hear what else Van Wyk had to say about VBS:


4 April 2019 12:20 PM
Tags:
EFF
Corruption
Floyd Shivambu
vbs
Brian Shivambu
#VBS Mutual Bank

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