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Brian Shivambu, the brother of EFF Deputy President Floyd, who received millions from the now-defunct VBS Mutual Bank, has been ordered to pay back R1.8 million to the bank’s liquidators.
The Johannesburg High Court order forms part of a bid by Anoosh Rooplal – the liquidator of VBS – who is seeking to recover R2.7 million that was part of a R4 million loan granted to Shivambu’s company, Sgameka Projects in 2017.
VBS Bank imploded after an investigation found that billions were stolen in what is known as South Africa’s largest bank heist.
Rooplal said Shivambu would have to cough up close to R1.8 million as part of the court order. He said Shivambu was in arrears for more than R2.7 million, and about R1 million of this had already been paid since the court case started.
“There is a slow stream of monies coming in as the direct result of our legal action… in my current proceedings include many applications for liquidation from various entities,” he said.
Shivambu was one of 53 individuals and companies listed in senior counsel Terry Motau’s The Great Bank Heist report, which revealed how nearly R2 billion was looted from VBS Mutual Bank.
Rooplal said he would now prosecute those who defrauded the bank.