16 April 2024 | 12:34 AM

Update: Brian Shivambu finds another R1.5m to settle VBS debt

Key Takeaways

On 13 September amaBhungane reported how Brian Shivambu, brother of EFF deputy president Floyd Shivambu, mysteriously found R3-million to pay most of his R4.4-million debt to VBS Mutual Bank — largely on the day before a liquidation application against his company Sgameka Projects was to be heard.

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This followed Shivambu pleading poverty early in the year and asking VBS’ liquidator for leeway to repay only R5 000 per month.

A week later, on 20 September, Shivambu found another R1.4-million to settle all his debt, new court papers show. This was the day the Johannesburg high court was going to make its order on the liquidation application. A few days later, on 25 September, his attorneys paid over a residual interest charge of R41 696.

This now extinguishes Shivambu’s debt, but the source of his sudden wealth remains unclear. He has ignored questions about it and the payments were made through his attorneys’ trust account.

  • Access the court documents by clicking on our Evidence docket.
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amaBhungane

Before joining the amaBhungane team in 2017, Micah was the national coordinator for media freedom and diversity at the Right2Know Campaign. He holds a Masters in African Studies from Oxford University and a BA Honours in History from Wits University.

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