Brian Shivambu threatens to sue SARB for defamation over VBS report

11 October 2018 - 16:48 By Aphiwe Deklerk
Brian Shivambu said his name had been unfairly dragged through the mud and that he would take legal steps against Advocate Terry Motau SC‚ who compiled the report.
Brian Shivambu said his name had been unfairly dragged through the mud and that he would take legal steps against Advocate Terry Motau SC‚ who compiled the report.
Image: BusinessLIVE

Brian Shivambu‚ the brother of EFF deputy president Floyd Shivambu‚ has threatened to sue the South African Reserve Bank over the VBS Mutual Bank “heist” report.

In a statement released on Thursday afternoon‚ Shivambu said he was never contacted by investigators to interview him or interrogate him to explain his role.

“I intend to legally pursue the owners of the VBS Report for defamation of my character and that of my company as well as for the strain this report has caused to my family‚” said Shivambu.

He also denied that his company‚ Sgameka Projects‚ had any relationship with the VBS Mutual Bank or had received any cash from the bank.

“In 2017 my company‚ Sgameka Projects was appointed to provide professional consulting services to Vele Investments in their mining and insurance businesses‚” he said.

Vele Investments is the majority shareholder of VBS Mutual Bank.

“During the contracting period‚ Vele Investments advised me that since they bank with VBS‚ our company and myself as its director should open a bank account with VBS Mutual Bank for ease of payments.

“Sgameka Projects has since 2017 offered the services to Vele Investments and received monthly payments as stipulated in the contract‚” said Shivambu.

He said had the investigators contacted him‚ he would have provided satisfactory answers that he had no dealings with VBS Mutual Bank.

“It is discomforting and unlawful to pass judgment on anyone without granting them an opportunity to state their case‚” he added.

Shivambu further charged that he was willing to cooperate with law enforcement institutions over the matter.

“I am aware that my brother’s name has been raised in relation to this matter. I am a private businessman and I do not intend to involve myself or my family in political debates‚” he added.


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