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

schumi

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Mahikeng manager ‘invested’ R69m mistakenly received from Treasury in VBS

Instead of returning the money, Thabo Mokwena deposited it while waiting for a letter from Treasury.
A parliamentary committee has heard how the suspended Mahikeng Local Municipality manager, Thabo Mokwena, failed to return a R69 million duplicate payment that was deposited into the municipal account from the National Treasury.

Mokwena allegedly decided that the municipality should invest the money – which was mistakenly paid to the municipality – in VBS Mutual Bank.

Minister of Cooperative Governance and Traditional Affairs Zweli Mkhize told a parliamentary committee that Mokwena’s conduct was “unbecoming”.

“In Mahikeng, Treasury accidentally made a R69 million deposit into the municipal account. When told about the mistake, the municipal manager [Mokwena] demanded that a letter be sent to him explaining how the money had landed in the municipal bank account.

“At a later stage, the municipal manager explained that cooperative governance took too long to send the letter, and the money was invested elsewhere,” said Mkhize.
More at: https://citizen.co.za/news/south-af...69m-mistakenly-received-from-treasury-in-vbs/
 

The_MAC

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Lol, good luck recouping that cash. They should all be thrown in jail and left to rot but I'll wager this is the last time we hear about this. Like most things, it will be quietly swept under the rug or conveniently forgotten through diversionary tactics.
I think there will be a racist tweet or Facebook post coming out soon just to divert our attention
 

The_MAC

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Are racists now getting paid to divert attention or what are you saying?
What I am saying is that there will soon be a big racism social media $hit storm doing the rounds just to divert the attention from all the corruption going on - a smoke screen
 

Gordon_R

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Good summary here: Already noisy debates are distracting from the deeper issues: https://www.dailymaverick.co.za/art...ing-to-committee-more-questions-than-answers/

There was much sound and fury in Tuesday’s parliamentary debate on the VBS mutual bank heist. But aside from nods to the tens of thousands of rural poor, workers and stokvels set to lose their invested savings, the two-hour debate in the National Assembly was really about party politicking and political point scoring. A little more of the reality of the impact of the VBS R2-billion debacle had emerged in committee a good few hours earlier.
It was fractious. Finance committee chairperson, ANC MP Yunus Carrim, hit the nail on the head. Looking at the DA and EFF on the opposition benches, he pointed out how they worked together in various municipalities, but attacked each other in the House. “Isn’t that the hypocrisy?”

Taking the ANC line of “decisive action” by the police, Hawks and prosecuting authority to bring the perpetrators to book, Carrim said: “Who would you trust, independent investigators, or Mr Shivambu, whose brother is alleged of wrongdoing?”
But more of a sense of what is going on with VBS emerged hours before the debate at Parliament’s co-operative governance committee when MPs were briefed by Co-operative Governance Minister Zweli Mkhize.

Mkhize is under pressure. Not only because 14 councils invested R1.57-billion with VBS Mutual Bank in contravention of the Municipal Finance Management Act (MFMA), but also because it seems he’s getting the runaround.

According to the MFMA, and local government investment regulations, municipalities may only use banks registered under the Banks Act; mutual banks are not.
All affected councils are on the list of 87 municipalities that are dysfunctional. All of the 14 councils that went on to bank with VBS struggle with at least one of their core responsibilities, including service delivery and paying creditors within 30 days. Projects from bulk water to road and electricity supplies have either been suspended or implementation stopped.
That Mkhize is being given the runaround in trying to get councils to do what they must – and also their provincial bosses, the local government MECs – emerged clearly, too.

In a series of meetings with mayors, municipal administrators and local government MECs, he’s repeatedly been told, “We didn’t know”. National Treasury sent a notification to inform councils that they could not invest in VBS, or any mutual banks for that matter.

The response? “We didn’t see that.”
And so Mkhize has called in the forensic auditors: three auditing firms in three provinces (North West, Limpopo, Gauteng) to be completed by the latest in November 2018. It’s those forensic audits that would provide the evidence for what Mkhize billed as a comprehensive lawsuit, with the Cogta ministry laying the charges itself to “chase and try recover the money”.
 

thechamp

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Taking the ANC line of “decisive action” by the police, Hawks and prosecuting authority to bring the perpetrators to book, Carrim said: “Who would you trust, independent investigators, or Mr Shivambu, whose brother is alleged of wrongdoing?”
Neither, just compile your evidences and go to court, I will trust the courts.
 
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ShaunSA

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It was fractious. Finance committee chairperson, ANC MP Yunus Carrim, hit the nail on the head. Looking at the DA and EFF on the opposition benches, he pointed out how they worked together in various municipalities, but attacked each other in the House. “Isn’t that the hypocrisy?”
Yunus will know all about hypocrisy.
 

thechamp

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A recap, lest we get lost, not too long ago we were here,
The EFF has allegedly received R1.3-million illegally flowing from VBS Mutual Bank into the party’s bank account, three sources told Scorpio.

Floyd Shivambu’s younger brother, Brian, allegedly funneled around R10-million through a company called Sgameka Projects into Floyd’s personal bank account, the same sources said. Brian is the sole director of Sgameka Projects
https://www.dailymaverick.co.za/art...reat-vbs-heist/amp/?__twitter_impression=true

So after that bold claim about Floyd getting R10m from his brother into his personal account which was never backed up by anything concrete, All of that is now forgotten and we are moving on to Juju's cousin?
 

3WA

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3WA

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Slowly but surely this is starting to look like one big, damp squib.
Let’s wait for the article to come out first! Malema will probably call another press conference in two weeks' time, by which time the next set of allegations will be ready.

And maybe one day Floyd will save up enough for a lawyer to sue Pauli van Wyk.
 

Solarion

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How the **** does someone make a R69m mistake? Surely you double and triple check **** before transferring that amount of money???
More importantly, when you receive 69 million into your account, you can either book a flight to Belize, or pick up the phone and actually ask them bank whats going on. Prefer the latter option vs lifetime of outlaw status to be honest.

I mean, pick up the dam phone. You don't just sit there and think "Oh well I guess I have 69 million now lets invest in something"
 

thechamp

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More importantly, when you receive 69 million into your account, you can either book a flight to Belize, or pick up the phone and actually ask them bank whats going on. Prefer the latter option vs lifetime of outlaw status to be honest.

I mean, pick up the dam phone. You don't just sit there and think "Oh well I guess I have 69 million now lets invest in something"
Finders keepers, uBaba would have approved.
 

thechamp

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The latest amount listed in a report linking EFF leader Julius Malema’s cousin to the growing list of those implicated in the VBS Bank fraud has left members of the public wondering if the alleged fraud was worth Brian Shivambu’s while.

A report by Mail and Guardian (M&G) has revealed that Mahuna Investments, a company owned by Matsobane Phaleng, who is also EFF leader Julius Malema’s cousin, received various payments from Sgameka Projects – a company owned by Brian Shivambu, the brother of EFF deputy leader Floyd Shivambu.
M&G reports that the payments range from R1m in June last year to R500,000 in February this year, and a total of about R5.9 million has been deposited to date.
This comes after reports that Brian is one of the many beneficiaries on a list of people who fraudulently received a collective total of over R53 million from the bank.

It was later reported by the Daily Maverick’s investigative unit that the EFF may have received over R1.3 million of the illicit VBS funds after as much as R10 million of Brian’s millions may have been given to Floyd.
So, if R10 million of Brian’s R16 million may have been given to Floyd and a total of about R5.9 million made its way to Phaleng, what was Brian left with?
https://citizen.co.za/news/news-eish/2028593/just-how-much-money-was-brian-shivambu-left-with/
 
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