Faizel Patel, Radio Islam News - 11-10-2018
A Wits professor says it’s not surprising that Economic Freedom Fighters deputy president Floyd Shivambu’s brother is involved in the VBS Mutual Bank scandal as the behaviour has been legitimised by former president Jacob Zuma.
Brian Shivambu was mentioned in the VBS Mutual Bank report on Wednesday by Advocate Terry Motau as having scored more than R16 million.
Questions have also been raised about the EFF’s involvement in the VBS Mutual Bank scandal with Floyd Shivambu also being implicated in what's been called "the great bank heist"
The Daily Maverick reports the EFF received about R1.3 million while Floyd received about R10 million through his younger brother Brian which was reportedly funnelled through a company called Sgameka Projects into Floyd’s personal bank account.
In his report, Motau established that more than 50 people and companies syphoned off nearly R2 billion from the bank over 36 months.
According to the report VBS Mutual Bank has collapsed under “two principal pillars of unlawfulness” and the rot in the bank ran too deep to salvage it.
Wits School of Economic and Business Sciences lecturer Lumkile Mondi says, the history of white domination on the economy is seen by the black political elite that the only way for blacks to accumulate wealth is by robbing the poor by stealing from public institutions.
“This behaviour for the past ten years has grown and has become legitimized by our former president and therefore when the EFF Deputy Chairman’s brother is implicated, we shouldn’t be surprised, particularly when we know who funded the EFF”
Commenting on EFF leader Julius Malema’s comments on supporting the VBS Mutual Bank, Mondi says the Red Berets leader understands that through a state bank the accumulation of wealth by the black political elite would be easier without any consequences.
Listen to the interview with Lumkile Mondi