Floyd Shivambu admits VBS money used to buy Range Rover - report

news24.com

- news24.com | 3 weeks ago

EFF deputy leader Floyd Shivambu has conceded that money from the now collapsed VBS Mutual Bank was used to fund his high-end Range Rover Sport, but insists that the money is clean, according to a report on Friday.

Shivambu told the Mail & Guardian that Sgameka Projects, a company run by his brother Brian, had transferred R680 000 to a Sandton dealership to make up a shortfall after he traded in his 2013 Range Rover model for a new one. The payment was apparently part of his brother's purchase of one of his old cars, a 2012 BMW 7 Series.

After initially denying the Range Rover was bought with VBS money, Shivambu told the publication that the money was clean because his brother had paid back two loans totalling more than R4m.

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