Floyd Shivambu has admitted the R680,000 that paid for his Range Rover ultimately came from the collapsed VBS Mutual Bank, Mail & Guardian reports.
However, the Economic Freedom Fighters (EFF) deputy president insists the money was never “stolen.”
Sgameka Projects and Brian Shivambu
Sgameka Projects and Grand Azania are among the companies that received money from VBS, according to a report by Terry Motau (SC) for the South African Reserve Bank.
Both are owned by Brian Shivambu, Floyd Shivambu’s brother. They reportedly received a total of R16 million.
Recent reports by News24 indicate that Brian has since paid back R4 million in two large instalments.
The Directorate for Priority Crime Investigation (Hawks) reportedly traced the R680,000 for the Range Rover from Sgameka Projects to a Sandton dealership.
Floyd Shivambu initially denied that VBS money paid for his car, according to Mail & Guardian.
The EFF deputy president repeated his denial on Twitter on 20 September.
Despite illustration that the car I own was bought through a trade in of a car financed long before any VBS and that the difference paid is nowhere close to the R1 million, the M&G stooge Journalists still write lies of Werkmans & Bernard Hotz (Pauli van Wyk’s friend).Floyd Shivambu
However, he has now reportedly conceded that it indeed came from VBS, but says it was never “stolen.”
This is because his brother has paid back the VBS loan, he said.
So your imagination that there was money stolen from VBS is imaginary. Why would [Brian Shivambu] settle the money if the money was stolen?Floyd Shivambu
The money paid for a shortfall after Floyd traded in an older model for the new Range Rover.
He said he eventually sold the vehicle to his cousin Musa Shivambu in December 2018.