Brian Shivambu to pay back VBS money
Brian Shivambu, in his personal capacity, must pay back R1.78m owed to VBS Mutual Bank, the Gauteng High Court (Johannesburg) has found, according to a Daily Maverick report.
That is after Shivambu, through his attorneys, paid R1m at court and conceded an order for the balance of an accrued R2.78m.
The order relates to a R4m VBS business loan to Shivambu for a wine bar and restaurant in Soweto, and includes interest as well as costs on an attorney-client scale.
Brian Shivambu is indebted to the curators of VBS Mutual Bank because he signed surety for a R4m business loan in December 2017 in order to start a wine bar in Vilakazi Street, Soweto. VBS managed to pay R2.1m towards the wine bar before the bank was put under curatorship in 2018, after being robbed into insolvency.
The High Court delivered an order favouring liquidator Anoosh Rooplal’s request for full repayment of the loan, plus interest and cost.
While at court on 5 August, Shivambu, brother of EFF deputy president Floyd Shivambu, conceded to being indebted and effected a R1m electronic payment through his attorneys on the day, Rooplal’s spokesperson Louise Brugman said.
He also conceded an order for the balance – an additional R1.78m – despite previously indicating that he would oppose Rooplal’s request.
The claim arises from Brian’s ‘obligations for having stood surety for the debts of Sgameka Projects’ to VBS Mutual Bank, Rooplal said in his affidavit.
Brian bound himself, jointly and severally, as surety for and co-principal debtor, jointly and severally, with Sgameka Projects in favour of VBS.
The DM report says Brian Shivambu is the frontman and slush fund operator for illegal VBS money flowing towards his brother Floyd Shivambu, Julius Malema and the EFF.
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