Stolen VBS money paid for EFF birthday bash – report

An investigation by Scorpio has revealed that money stolen from VBS Mutual Bank funded the EFF’s fourth birthday bash at a popular party venue in Umlazi, Durban, in July 2017.

According to Daily Maverick, this forms part of a chunk of the illegal R16.1m received by Sgameka Projects – a company owned by Brian Shivambu, the brother of EFF chief whip Floyd Shivambu – from VBS, that was ultimately channelled to the EFF.

Scorpio has reportedly isolated about R4.13m in VBS loot paid toward the EFF.

While EFF leader Julius Malema has denied that his party ever benefited from VBS funds, most notably in a pre-election interview with Radio 702, Scorpio claims VBS money flowed through companies over which Malema and Floyd Shivambu have ultimate control “in a scheme designed to mask the origin and ultimate beneficiaries of the funds”.



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