VBS Mutual Bank Archives - Jean-Jacques Cornish https://jjcornish.com/tag/vbs-mutual-bank/ The low down on African affairs Thu, 18 Oct 2018 22:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/jjcornish.com/wp-content/uploads/2020/05/cropped-Fountain_Pen_favicon-812.png?fit=32%2C32&ssl=1 VBS Mutual Bank Archives - Jean-Jacques Cornish https://jjcornish.com/tag/vbs-mutual-bank/ 32 32 Parliament to probe Floyd Shivambu after South Africa’s biggest bank heist https://jjcornish.com/2018/10/parliament-to-probe-floyd-shivambu-after-south-africas-biggest-bank-heist/ Thu, 18 Oct 2018 22:00:00 +0000 https://jjcornish.com/2018/10/parliament-to-probe-floyd-shivambu-after-south-africas-biggest-bank-heist/ South Africa’s parliamentary committee on ethics and members’ interest will investigate the chief whip of the hard left Economic Freedom Fighters for money allegedly received from his brother after what being called the biggest bank heist in the country’s history. Floyd Shivambu told a news briefing earlier this week that any attempt to link him […]

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]]> South Africa’s parliamentary committee on ethics and members’ interest will investigate the chief whip of the hard left Economic Freedom Fighters for money allegedly received from his brother after what being called the biggest bank heist in the country’s history.

Floyd Shivambu told a news briefing earlier this week that any attempt to link him to the collapse of the VBS bank is designed to harm his party ahead of elections in six months time.

The opposition Democratic Party welcomes the parliamentary probe and calls for it to be open and speedy.

It says if any wrongdoing is found, Shivambu must face the harshest sanction on behalf of the thousands of poor people who have lost money because of the VBS collapse.

The DA alleges Shivambu received 605,000 euros from his younger brother  Brian who was paid 968,000 euros of the money looted from VBS.

The Democratic Alliance’s Phumzile van Damme, who  laid the complaint, welcomed the speed with which the committee came to a decision.

The committee can call witnesses, summons any person to appear before it to give evidence on oath or affirmation, and summon any person to produce any relevant documents.

The  large-scale looting at VBS Mutual Bank came to light last week.

It’s alleged Brian Shivambu is one of 58 people who profited from the looting that amounted to 110 million euros.

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