Scandal of the year: VBS — a most unsophisticated bank heist

businesslive.co.za

- businesslive.co.za | 6 months ago

But it is the EFF that is hurting most from the scandal.

The brother of EFF deputy president Floyd Shivambu and a cousin of EFF leader Julius Malema allegedly received about R20m of the funds looted, according to the report on VBS written for the Reserve Bank by advocate Terry Motau, and reports in the Daily Maverick. The municipal officials are said to have received personal inducements, averaging about 2% of the deposits, to place funds with VBS.

In the process, municipalities lost more than R1.

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