SCORPIO: The Great VBS Heist: How the Shivambu brothers benefited even more

Because frontman Brian Shivambu did not qualify for the R4-million VBS Mutual Bank business loan, he ceded, with the help of VBS bank managers, an “investment account” containing an allegedly fictitious R4-million to the bank against which he could borrow. If intent to fleece the bank is proven, this will amount to fraud.

EFF MP Marshall Dlamini accompanied Floyd Shivambu to some of these repeated meetings with some of South Africa’s highest net-worth businessmen, confirmed four businessmen with personal knowledge of discussions with Shivambu. That Floyd Shivambu privately associated himself back then with “Grand Azania”, and described it as “his own brand”, is important: When questioned by Scorpio after VBS imploded, the deputy president of the EFF tried his best to disassociate himself from the brand and the company. Brian also denied that his brother had – at the very least – close ties with Grand Azania.

VBS bank’s system, as well as Sgameka’s bank statements, indicate however that Brian never serviced the loan. Scorpio confirmed this from sources and bank statements. Brian and Sgameka did not qualify for the R4-million loan, documents Scorpio has seen suggest. By September 2017, Sgameka had already borrowed R1.46-million for a house the Shivambus’ parents lived in after FloydTo circumvent this problem, Brian ceded an investment account professedly containing R4-million to VBS bank in order to borrow against it.

PaulivW There is a competition between ANC vs EFF to see who can’t loot the most! Bosasa & Zuptas & SOE’s vs VBS etc etc etc .....

PaulivW Recycling lies is not a got idea especially when we knew the story was not true from the beginning.

PaulivW You won't destroy eff

PaulivW Its not working sisi try something else...

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