Floyd Shivambu used VBS 'slush funds' to pay for his lifestyle - report

news24.com

- news24.com | a month ago

EFF deputy leader Floyd Shivambu was the directing hand behind two companies managed by his brother, using money stolen from the now collapsed VBS Mutual Bank to fund his lifestyle, according to a report.

In a report released by the SA Reserve Bank last year, his brother Brian or his companies were said to have received about R16m from VBS. READ | Floyd Shivambu admits VBS money used to buy Range Rover - reportThe Daily Maverick's Scorpio investigation unit found that Floyd was the main beneficiary of Sgameka Projects Pty Ltd and Grand Azania Pty Ltd (companies managed by his brother), using more than R12.

26m from VBS as slush fund money and receiving a further R8.

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