Julius Malema’s cousin implicated in VBS scandal – report

News Guy
October 26, 2018
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EFF leader Julius Malema’s cousin has been implicated in irregular payments of almost R6m believed to emanate from the plundering of VBS Mutual Bank, the Mail & Guardian (M&G) reported on Friday.

The payments were reportedly made from Sgameka Projects – a company owned by Brian Shivambu, the brother of EFF deputy leader Floyd Shivambu – to Mahuna Investments, which is owned by Malema’s cousin, Matsobane Phaleng.

M&G reports that the payments range from R1m in June last year to R500 000 in February this year.

Earlier this month, News24 reported that Brian Shivambu received R16m from the now collapsed VBS Mutual Bank.

This was revealed in a bombshell investigation report compiled by advocate Terry Motau and released by the SA Reserve Bank, which references Brian Shivambu in a list of 27 individuals and companies who received the largest amounts of money from the bank in a “looting scheme” totalling R1.8 billion.

It was later reported that Floyd Shivambu had himself received R10m linked to VBS.

He denied this, saying: “For the record, I have never received R10m from VBS or anyone in my personal account.”

At a marathon press conference on October 16, Malema backed his deputy, saying they had examined all of Shivambu’s statements, and if he had another bank account somewhere else they do not know of, Shivambu knew it amounts to misconduct and he will be dealt with.

News24 Reporter

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