SARS’s Criminal and Illicit Economic Activities division traced stolen VBS funds through two front companies into EFF deputy leader Floyd Shivambu’s FNB Private Wealth bank account.
Shivambu’s sustained charade of ‘fighting for the poor’ instead of robbing them is, for the first time, highlighted by a state institution in open court proceedings following #Sars investigation into his brother, Brian, and the missing #VBS millions.
EFF Deputy Leader Floyd Shivambu claims he is the victim of ‘lies and defamation’, after a financial probe linked him to illicit activity.
The same old allegations continue to plague Floyd Shivambu this week, as forensically analysed court papers claim that he is a beneficiary of the looting which collapsed VBS Bank. While the evidence mounts up against his businessman brother Brian, the EFF Deputy leader now finds himself on the radar of SARS.
FRESH VBS ALLEGATIONS ROCK THE EFF
As revealed by the Daily Maverick and its Scorpio investigative unit, the SARS’s Criminal and Illicit Economic Activities division has traced money directly linked to the looting of VBS right through to his private FNB account.
Grand Azania and Sgameka Projects – both accused of acting as ‘fronts’ for Floyd Shivambu – made payments totalling hundreds of thousands of rand, which went towards the funding of a new Land Rover and the loan on his parents’ house. Many more transactions, according to the probe, went towards ‘supporting Floyd’s lifestyle’.
Floyd Shivambu’s time of spending dangerously
Scorpio’s latest investigation shows how a bank card linked to one of Shivambu’s slush funds followed him around southern Africa, paying for his birthday trip to Zambia, groceries at Spar and clothing…
VBS Theft, Money Laundering & Life’s Little Luxuries: Julius Malema’s time of spending dangerousl
The lifestyle and political aspirations of EFF president Julius Malema were also funded from the R16m robbed from VBS Mutual Bank. Scorpio’s investigation into the bank statements of VBS-beneficiary #Brian Shivambu “defrauded” #VBS out of R16m, #SARS found. He “committed a criminal offence” by not declaring income tax & VAT – conduct which is regarded as “intentional tax evasion” – and, when contacted by SARS, he acted in an “obstructive” manner.
Being dismissive of #SARS compounded #BrianShivambu’s problems. His conduct earned his companies 125% & 200% tax penalties, respectively. Companies are also hopelessly insolvent – so Sars brought 2 liquidation applications against filed at the High Court in Pretoria in July.7#VBS
GrandAzania & #SgamekaProjects, #SARS told the court, “have been utilised by its director and only shareholder, #BrianShivambu, as the vehicles through which he defrauded the VBS Mutual Bank of approximately R16-million”
We followed the #Sars found #VBS loot flowed directly into #FloydShivambu’s FNB Private Wealth Bank account as well as in 2 #EFF bank accounts.
Also into #Mahuna, which I already analyses & described as #JuliusMalema’s front. (Sars papers about #BrianShivambu make no mention of #Malema) #FloydShivambu’s total income from 25May-24Nov2017 was just over R2.3m.
FLOYD SHIVAMBU FIGHTS BACK AGAINST ‘LIBELLOUS CLAIMS’
As you’d expert, Floyd Shivambu is the square root of raging on Monday. He has acknowledged the findings published against him, and declared them as ‘lies and defamation’. He also stated that he will not ‘fight pigs in the mud’:
“The Rogue Unit will never cease to create fiction and distortions. They think that such will make us fearful and retreat from the war for total emancipation. The libels, lies, defamations and all nonsense will be dealt with at appropriate levels. We don’t fight pigs in the mud!”
FLOYD SHIVAMBU: SCORPIO SAY THEY’VE FOUND THE SMOKING GUN
- The Scorpio team, meanwhile, thoroughly believe they’ve got the EFF bigwig banged to rights.
“Since the inception of the EFF, he has declared no additional income, trusts or assets to Parliament. Scorpio’s investigations into Floyd Shivambu’s riches have suggested for years now that he receives additional income that is not consistent with any legitimate reasons. We now have incontestable proof.”
“What is also incontestable, is that he displays the same spending habits in his FNB Private Wealth account as he did with the Grand Azania FNB Gold Business bank account.” | Scorpio
You can read the full investigation into VBS Bank and Floyd Shivambu below.