Fol­low­ing Floyd

The sooner the ev­i­dence of Shivambu’s pay­ment is made pub­lic, the bet­ter

Financial Mail - - BETWEEN THE CHAINS - Ray Hart­ley hart­leyr@ti­soblack­star.co.za

A Re­serve Bank re­port by ad­vo­cate Terry Mo­tau said that Brian Shivambu, brother of the EFF’S Floyd Shivambu, had re­ceived R16m in pay­ments from VBS, a Lim­popo-based mu­tual bank which has gone belly-up af­ter a huge cor­rup­tion scan­dal. That would have been that, but the Daily Mav­er­ick wrote an ar­ti­cle say­ing that his brother, the EFF deputy leader, Floyd Shivambu, was con­nected to the pay­ments.

A re­port pub­lished by the on­line pub­li­ca­tion said: “The EFF has al­legedly re­ceived R1.3m il­le­gally flow­ing from VBS Mu­tual Bank into the party’s bank ac­count, three sources told Scor­pio [the Daily Mav­er­ick in­ves­ti­ga­tions unit]. Floyd Shivambu’s younger brother, Brian, al­legedly fun­nelled around R10m through a com­pany called Sgameka Projects into Floyd’s per­sonal bank ac­count, the same sources said. Brian is the sole di­rec­tor of Sgameka Projects.”

Af­ter sev­eral days of muted re­ac­tion, the EFF called a me­dia brief­ing to dis­miss the al­le­ga­tions. EFF leader Julius Malema said: “Why say Floyd re­ceived R10m? ... We went through [his] fi­nan­cial state­ments. We can­not lo­cate any money from VBS.”

Malema went on to say: “There are ex­changes of monies from him to Brian, from Brian to him, and not only from Brian to him, to his brother, Lucky, to his par­ents. That’s how sib­lings ex­change — ap­par­ently — things. I wouldn’t know, I’ve got no sib­lings, I’ve got no par­ents to ex­change money with. I can’t trans­fer to my grand­mother so I give her cash be­cause she doesn’t have the fa­cil­i­ties.”

Malema said he would act if ev­i­dence was pro­duced. “Give me some­thing. I’m not scared of Floyd. I’ve never been scared of any­one. If Floyd has stolen money, he will be pun­ished ac­cord­ingly.”

Floyd Shivambu had this to say: “He [Brian] was pro­vid­ing con­sult­ing and ad­vi­sory ser­vices on the non­bank­ing as­pects of Vele In­vest­ments [which owns VBS]. There’s never been any R10m that came into my ac­count.”

Malema then went on to posit a con­spir­acy the­ory, namely that the min­is­ter of pub­lic en­ter­prises, Pravin Gord­han, was still oper­at­ing a “rogue unit” that dis­pensed mis­in­for­ma­tion. “They broke into Floyd’s house. They lis­ten to the phones of peo­ple il­le­gally. They fol­low peo­ple,” he said.

For­tu­nately this dis­agree­ment can eas­ily be re­solved.

The Daily Mav­er­ick sim­ply has to place the doc­u­men­tary ev­i­dence it has of Floyd Shivambu’s pay­ments in the pub­lic arena. The sooner, the bet­ter.

Afp/ra­jesh Jan­ti­lal

Toast to trans­parency? Floyd Shivambu and Julius Malema

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