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

Mista_Mobsta

Senior Member
Joined
Jan 22, 2015
Messages
899
Some went to court, some were leaked, and with some you only heard the taxpayer's side. SARS however is bound by an oath of secrecy and an official disclosing confidential information in an illegal manner can get jail time.
One would think that SARS will try and win back the average Schmo's confidence by ensuring tax audits on those mentioned in all the corruption scandals and making sure the average Schmo is made aware that the guilty culprits face jail time? SARS does disclose certain details on their website regarding their tax evasion investigations...one would think they would state when politically connected individuals (no names need be mentioned) are successfully charged and sentenced for tax evasion right? Win back the public...
 

Nicodeamus

Executive Member
Joined
Sep 20, 2006
Messages
6,853
The sad part is that many of the small villages in Limpopo invested their annual stokvel money into VBS bank. These are the poorest villages who club together their money as a means of survival.
 

TelkomUseless

Executive Member
Joined
Mar 13, 2006
Messages
7,691
The sad part is that many of the small villages in Limpopo invested their annual stokvel money into VBS bank. These are the poorest villages who club together their money as a means of survival.
But they will give the ANC a 2nd chance!!!
 

Hemps

Executive Member
Joined
Jan 19, 2009
Messages
9,708
The sad part is that many of the small villages in Limpopo invested their annual stokvel money into VBS bank. These are the poorest villages who club together their money as a means of survival.
No one oppresses an African like a fellow African.

Julius and co. seem very quiet on this whole vbs thing. Wonder why.....
 

MrR

Expert Member
Joined
Aug 22, 2013
Messages
2,294
If I had to do a bit of tax evasion and under represent my income earned, I would be under SARS' audit microscope within a nano second, had they had even a sniff of my intentions.

This chap is now being sequestrated and his assets going under the hammer and SAICA and SARS (among others) are nowhere to be seen or heard from? It doesn't take a new boss @ SARS to trigger an audit. From the looks of things, there are way too many institutions that should be involved in making these VBS thieves' lives hell but aren't.

BUT let the ordinary tax payer just miss his tax deadline and check the hammer on their head!
Still a member of SAICA and consequently he still holds his CA designation.

It's not as straight forward to suspend/ cancel membership and qualifications; there are a number of investigations and legal proceedings that both parties need to adhere to.

They are slow to act though; they're only kicking off investigation into Steinhoff exec's now. They have been somewhat useless the past few years, which has devalued the CA designation.
 

Sollie

Expert Member
Joined
Apr 20, 2005
Messages
4,108
Former EFF leader accuses Malema, Shivambu of taking VBS donation, party denies claims


https://www.news24.com/SouthAfrica/News/disgruntled-eff-member-slams-malema-shivambu-for-taking-vbs-donation-party-denies-claims-20190405

He didn't make the list so he's airing EFF's dirty laundry. Good times.
"In fact he said, 'Sometimes we are forced to kiss dogs or devil to get funding'," wrote Rawula.
What is it with Julius and dogs? What dog hurt him ... ?
 

schumi

Honorary Master
Joined
Mar 26, 2010
Messages
21,863
'I don’t sleep, I feel like I could just die' – VBS bank heist victim on losing her money

Tshinyalani Elisa Mudau (59) lost R500 000 in what has been called South Africa’s most brazen bank heist.
Along with 23 000 other depositors, she saw her precious life savings disappear when VBS Mutual Bank was looted of nearly R2bn.
Her house is unfinished but it’s nearly complete – all it needs is a roof and a lick of paint, and it will become a home.
But whether Tshinyalani will ever have the money to complete the place is unlikely.

Instead of it becoming the dream home she had hoped, for her daughters and grandchildren, the building is now a constant reminder of her shattered dreams.
Tshinyalani, who is her family’s sole breadwinner, had trusted the bank with her money for 25 years and was shattered when it was placed under administration after it ran out of funds.
Advocate Terry Motau, who was appointed by the Reserve Bank to lead the investigation into the bank’s affairs, found earlier last year that at least 53 people, including politicians, executives and even royals, benefited by raiding the bank of R1,89bn before it collapsed.

The mother of five from Tshiulungoma, a village located outside Thohoyandou in Limpopo, says it has been a devastating blow. The scandal has taken its toll on her health, leaving her deeply depressed and with blood pressure problems.
"I find myself going to bed as early as 18:00," she tells DRUM. "But I don’t sleep – I’m constantly thinking about my lost money and worrying about the future. I feel like I could just die because of the pain I’m feeling right now. I’m heartbroken."
Everything has changed as a result of the VBS nightmare, she adds. Now she has to think twice about every cent she spends as she needs to make sure she has enough for her youngest daughter’s tuition fees.
More at: https://www.news24.com/SouthAfrica/News/i-dont-sleep-i-feel-like-i-could-just-die-vbs-bank-heist-victim-on-losing-her-money-20190405
 

TysonRoux

Expert Member
Joined
Aug 7, 2012
Messages
4,649
LOL

VBS curator in court to recover Shivambu loan

The provisional liquidator of the VBS Mutual Bank has approached the courts to recover R2.7-million loaned by the bank to cash-strapped businessperson, Brian Shivambu.

The funds are part of a R4-million loan facility controversially granted to Brian’s company Sgameka Projects by the bank in late 2017.

The 31-year-old has not serviced the loan and is in arrears of more than R2.7-million, liquidator Anoosh Rooplal said in his founding affidavit attached to the application.

Rooplal, who was the bank’s curator until he was appointed provisional liquidator when the Pretoria high court ordered that it be liquidated in November 2018, said the loan had been granted to Brian’s company Sgameka Projects and that he [Brian] had stood as surety.

When contacted for comment on Saturday, Brian — the younger brother of Economic Freedom Fighters (EFF) deputy president Floyd Shivambu — said he had not received any summons regarding his loan with VBS and referred subsequent questions to his lawyer.

However, the Mail & Guardian has established that papers in the matter were filed in the Johannesburg high court on Thursday. Brian was allegedly served on Friday and has five court days to indicate whether he intends to oppose the matter and another 15 days to file an opposing affidavit.

Rooplal said the loan agreement was signed in December 2017 and Sgameka had undertaken to repay it in 23 instalments of R190 637.24 and a final instalment of R188 555.37.

“The respondent [Brian] agreed to sign a suretyship in favour of the applicant for all sums and/or monies due or which become due to the applicant [VBS] by Sgameka, and arising out of the loan agreement …

“... Sgameka breached Loan Agreement in that it failed to make payment of the monthly instalments due to the applicants thus resulting in the accrual of significant arrears due and owing to the applicant, and failed and/or neglected to make payments of the amounts due and payable to the applicant, despite demand.”
 

TysonRoux

Expert Member
Joined
Aug 7, 2012
Messages
4,649
Racist POS.

‘Cruising nicely’ on VBS: EFF’s Parties, Lies and Looted Money

By Pauli Van Wyk• 27 May 2019

Money robbed from VBS Mutual Bank funded the EFF’s fourth birthday bash held at a popular party venue in Umlazi, Durban, in July 2017. This forms part of a chunk of the illegal R16.1m Brian Shivambu’s company Sgameka Projects received from VBS that was ultimately channelled to the EFF. So far, Scorpio has isolated about R4.13m in VBS loot paid towards the EFF — SA’s second-biggest opposition party.

In a scheme designed to mask the origin and ultimate beneficiaries of the funds, VBS money flowed through companies over which Julius Malema and Floyd Shivambu have ultimate control.

“No VBS-money has flowed into our coffers”, EFF president Julius Malema pledged on 18 April 2019, during an interview with Eusebius McKaiser on 702 Talk Radio. Malema’s denial came three weeks before South Africa’s most contested democratic election yet. Start from 38th minute


It was a crude lie.

In fact, VBS money funded the EFF’s fourth birthday bash, paid for printing of T-shirts, transport and what was described as “Jhb Office Rental”. The source of these VBS funds was obscured when two proxy companies for Malema and Shivambu were used to effect the payments.

All in all, the EFF benefited from at least R4.13-million through myriad channels. Of this total amount, Scorpio traced about R1.5-million in VBS loot which was paid directly into two EFF bank accounts. This comes despite vehement denials from the EFF leadership of having benefited from the VBS robbery. Another R454,000 was deposited directly into the bank account of popular party venue Eyadini Lounge in Umlazi (KwaZulu-Natal), paying for the EFF’s fourth birthday party in July 2017.

To understand the crime, including crude attempts to obscure the source of funds, one must start at the beginning.

Genesis

VBS Mutual Bank was robbed into insolvency, advocate Terry Motau and law firm Werksmans announced in October 2018. Their five-month investigation, sanctioned by the Reserve Bank, was triggered by an ostensible “liquidity crisis”. In a report titled The Great Bank Heist, Motau and Werksmans found the bank was robbed by its owners, managers, auditors and the politically connected.

VBS’s depositors were, at first, the poor and vulnerable, via stokvels and burial societies. Later, in contravention of the municipal finance management act, municipalities also invested money in the bank. Apart from taxpayers’ funds lost in the robbery, poor individual depositors lost hundreds of thousands of rand — the entire life savings of some. Motau and Werksmans found the bank was robbed by 53 people who, in a concerted effort, stole about R1.8-billion.


Malema: Questions about VBS money are ‘extraordinarily personal’ Malema invited journalists to scrutinise the EFF’s financials during the same April interview with McKaiser on Radio 702. Scorpio took him up on the offer. Our request was deferred to after the 8 May elections. Scorpio’s follow-up request to view the EFF financials after elections was ignored.

So Scorpio sent our findings and a list of questions to the EFF leadership, including the EFF’s treasurer-general Leigh-Ann Mathys.

Only Malema replied, saying:

“I won’t be answering any questions from this moloi; she can write anything she wants to write. I’ve responded to all her questions before and won’t be doing it going forward. She extraordinarily personal (sic) and I’m not answerable to white madam. She can go to the nearest hell.”

In a follow-up question, Scorpio asked whether this view by the party’s president is sanctioned by the party itself. Again, the EFF leadership did not reply. Malema, however, did reply:

“Mxm sies.”

This gigantic looting orgy caused the bank’s implosion.

Brian Shivambu, the brother of Floyd, was listed as among the “biggest recipients” of VBS loot. A company he purportedly owns, named Sgameka Projects, received R16.1-million in stolen VBS funds, Motau and Werksmans found. An analysis of Sgameka’s bank account shows the main beneficiaries were the EFF, Grand Azania (a company which is an alter ego of Floyd), and Mahuna Investments (an alter ego of the EFF Commander-in-Chief, Julius Malema).

In today’s analysis, we will only focus on money flowing to the EFF.


 

3WA

Executive Member
Joined
Sep 25, 2012
Messages
5,794
Venda privilege: when you don’t have enough money to run a political party so your whole community (unwittingly) provides you with money.
 

thechamp

Honorary Master
Joined
Feb 26, 2011
Messages
20,441
You always ask for evidence, why are you now bored when she present it?
I just have a problem with journalists who lie, it tends to look like they are pushing an agenda. I am happy for her if she finally managed to back up her claims with evidence.
 
Top