SHIVAMBU IN DEBT DRAMA Mrs Jones’ sexy new look breaks in­ter­net

Com­pany can’t keep up with the in­stal­ments

Sunday World - - Front Page - By Aubrey Mothombeni moth­ombe­nia@sun­day­

VBS R16m ben­e­fi­ciary’s com­pany owes six months in­stal­ments for Toy­ota Corolla

Merely a week af­ter be­ing ex­posed for have creamed R16m from the em­bat­tled VBS Mu­tual Bank, the com­pany of EFF deputy pres­i­dent Floyd Shivambu’s younger brother, Brian An­swer Shivambu, is on the brink of los­ing a Toy­ota Corolla due to bad payment.

The 30-year-old busi­ness­man and his com­pany Mabyeni Trad­ing and Projects were this week hauled to the South Gaut­eng High Court by Ned­bank’s Mo­tor Fi­nance Cor­po­ra­tion di­vi­sion for al­legedly fail­ing to keep up with the R4 580.50 monthly in­stal­ments on a 2016 Toy­ota Corolla Quest.

Shivambu was listed in Adv Terry Mo­tau’s re­port, “The

Great Bank Heist” as one of the 53 peo­ple and com­pa­nies that re­ceived close to R2bn in -gra­tu­itous pay­ments from VBS Mu­tual Bank.

How­ever, it has since been es­tab­lished through Ned­bank’s ap­pli­ca­tion that Shivambu’s com­pany ap­pears to be strug­gling, de­spite re­ports that he re­ceived mil­lions from VBS.

Ac­cord­ing to pa­pers filed in court, the com­pany bought the car in De­cem­ber 2016 for R381 000.

The pa­pers show that Mabyeni was ex­pected to make 70 monthly in­stal­ments be­fore pay­ing off the car in Jan­uary 2023 with a fi­nal payment of R56 213.97.

How­ever, the pa­pers in­di­cate that two years into the agree­ment, the com­pany al­legedly strug­gled to keep up with the in­stal­ments and de­faulted on re­pay­ments for more than six months. Shivambu con­firmed to Sun­day World that the car’s in­stal­ments were not paid for many months, but he blamed that on his em­ploy­ees, claim­ing that he was not aware.

“I only be­came aware of the ar­rears last week af­ter Ned­bank sent me an e-mail in­form­ing me of their in­tended ac­tion. I paid R34 000 this week to clear the ar­rears.”

When asked to pro­duce proof of payment, Shivambu said he was not will­ing to do so as he had no obli­ga­tion to do so.

Shivambu equated Ned­bank’s court ap­pli­ca­tion to sab­o­tage, stat­ing that if the bank was gen­uine in its ac­tions, it should have taken ac­tion against him three months ago be­fore the VBS de­ba­cle.

“The tim­ing of the ap­pli­ca­tion is wor­ry­ing be­cause its hap­pen­ing a week af­ter the VBS re­port.

“How come they didn’t file those pa­pers months ago as per their stan­dard prac­tice to take ac­tion against a client who de­faults for three months? They just want to sab­o­tage me. But they won’t suc­ceed,” he said.

He said the car was be­ing used by his em­ploy­ees to run his of­fice, and he had not seen it since last year.

“The car has prob­a­bly lost its colour be­cause I last saw it last year. I only drove it the day I took it from the deal­er­ship. At the mo­ment I don’t have a car. I use Uber and taxis for my move­ments,” said Shivambu.

The bank, in its pa­pers, claimed that Shivambu’s com­pany ig­nored two let­ters of de­mand sent in Au­gust and re­mind­ing them of the ar­rears on the ac­count.

Ac­cord­ing to one let­ter dated Au­gust 20 2018 an­nexed to the ap­pli­ca­tion, the com­pany was in ar­rears of R14 230, and at the time of the ap­pli­ca­tion, the ar­rears had es­ca­lated to R30 506.55.

“Un­less payment of the ar­rears amount of R30 506.55 is made within 10 busi­ness days from date of de­liv­ery hereof, the agree­ment will be can­celled and the full amount ow­ing will be im­me­di­ately due and payable.

“In ad­di­tion to any can­cel­la­tion of the agree­ment, we shall be en­ti­tled to in­ter alia claim pos­ses­sion of the goods,” reads one of the let­ters.

The pa­pers show that Brian signed as surety for the car pur­chase, agree­ing to be a co­prin­ci­pal debtor with the bank, be­com­ing li­able for the monthly pay­ments on de­mand.

The doc­u­ments in­di­cate that af­ter the com­pany al­legedly ig­nored let­ters of no­tices from the bank alert­ing them about the ar­rears, the bank can­celled the agree­ment and went to court to in­sti­tute ac­tion.

The aim of the ac­tion, ac­cord­ing to the pa­pers, is to con­firm the can­cel­la­tions of the agree­ment and to com­pel Shivambu’s com­pany to re­turn the car while also for­feit­ing all the monies he had al­ready paid.

Ned­bank spokesper­son Ked­i­bone Molopy­ane said: “Ned­bank is not at lib­erty to dis­close any client’s in­for­ma­tion due to banker/client con­fi­den­tial­ity.”

/ An­to­nio Muchave

VBS Mu­tual Bank in Tho­hoyan­dou, Lim­popo, which has been milked dry by dodgy busi­ness peo­ple. And the same model of the car.

Brian Shivambu

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