Floyd Shivambu's brother looted VBS Mutual Bank - Full List

Mar 6, 2004
CAPE TOWN - The forensic investigator who looked into the rot of VBS Mutual Bank has concluded that the rot in the bank ran too deep to salvage it.

Advocate Terry Motau in his final report said that an amount of R1.8 billion was gratuitously received from VBS by some 53 persons over the period 1 March 2015 to 17 June 2018.

The forensic has recommended that steps be taken to recoup monies lost at the bank from the following people:

1. Vele and its associates + R936 million

2 Tshifhiwa Matodzi = R325 million.

3 Free State Development Corporation = R104 million.

4 Kabelo Matsepe = R35 million.

5 Sipho Malaba R34 million.

6 Phophi Mukhodobwane R30 million.

.7 Paul Makhavu = R30 million

8 Robert Madzonga = R30 million.

9 Andile Ramavhunga = R28 million.

10 Solly Maposa = R24 million

11 Ralliom Razwinane = R24 million.

2 Firmanox = R17.4 million

13 The Venda king, Toni Mphephu = R17.7 million.

14 Ndivhuwo Khangale = R16.8 million.

15 Sechaba Serote = R16.6 million.

16 Ernest Nesane = R16.6 million

17 Brian Shivambu = R16 million (Brother of Floyd Shivambu, who is a member of parliament for the Economic Freedom Fighters.)

18 Foxburgh = R15 million.

19 Paul Magula = R14.8 million.

20 Charl Cilliers = R12.6 million

21 Tiisang Private Capital = R12 million.

22 Maanda Manyatshe = R11 million.

.23 Sasa Nemabubuni = R9 million.

24 Sabicorp = R8 million.

25 Avashoni Ramikosi = R5.9 million.

26 Takalani Mmbi = R4 million.

.27 Phillip Tshililo = R2 million.


Honorary Master
Aug 4, 2008
Their political affiliations along with the names would have been nice. Unless, the smart once got paid through some of those entities who received most of the loot.
Feb 22, 2005
ANCYL urges members to bank with VBS

"We are convinced that this is a unique banking facility tailor-made to transform our economy. We call on ANC-led government to ensure that this bank leads in driving the new developmental programmes of poverty alleviation through the development of the SMME and Cooperative sectors," league spokesperson Mondli Mkhize wrote in the statement.
Feb 22, 2005
VBS: Stop the artificially-created crisis – PPF

The PPF is on record warning about the MFMA and PPPFA that are nothing but reactionary tools to ensure that there is no radical economic transformation and the ownership, control and management of economy remains in the hands of the white minority who had been enjoying the privilege since 1652. PPF is calling for URGENT repealing of certain sections of MFMA and PPPFA that are barriers to black owned businesses seeking to do business with government.
Feb 22, 2005
VBS is the ‘pride of Africans’ and must be rescued – Limpopo ANC

Provincial ANC secretary Soviet Lekganyane said VBS was “the pride of the Africans” and “the commercial treasure of black entrepreneurs”.

“There should never be a temptation to wind up the bank as part of the intervention strategy as that is tantamount to undermining initiatives by the previously marginalised in order to propitiate monopolies that continue to accumulate and enjoy privileges of the past,” said Lekganyane in a statement following an ANC provincial working committee meeting on Monday.