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


Senior Member
Jan 22, 2015
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...


Executive Member
Sep 20, 2006
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.


Executive Member
Jan 19, 2009
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.....


Expert Member
Aug 22, 2013
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.


Expert Member
Apr 20, 2005


Honorary Master
Mar 26, 2010
'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/...ank-heist-victim-on-losing-her-money-20190405


Expert Member
Aug 7, 2012

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.”