WATCH LIVE | Did EFF benefit from VBS bank 'heist'? Malema speaks

Editor's Note: This livestream is due to begin at 12pm

16 October 2018 - 11:35 By TimesLIVE

The Economic Freedom Fighters is holding a press briefing to give its side of the story on the VBA Mutual Bank scandal.

A report commissioned by the Reserve Bank found that EFF deputy president Floyd Shivambu's brother received R16m in “gratuitous payments” from VBS as part of a nearly R2bn “looting” of the bank, which serviced multiple municipalities.

Brian Shivambu has denied any wrongdoing. He maintains that his company, Sgameka Projects, was appointed in 2017 to “provide professional consulting services to Vele Investments in their mining and insurance businesses” and was paid for these services through a VBS Bank account.

Daily Maverick later published a report claiming the deputy president received R10-million, with the party receiving R1-million.

Shivambu and the EFF have denied this.

On Monday, former public protector Thuli Madonsela urged the EFF to conduct their own internal forensic investigation and to probe whether Floyd Shivambu was aware of his brother’s alleged involvement in it.

Madonsela says the amount paid to Brian Shivambu’s company was “huge” and should potentially have raised “red flags” with his brother.