Shivambu made an electronic transfer at court of R1 million to the curators of VBS earlier this month.

On the same day, August 6, the court issued an order effectively compelling him to transfer another R1.78 million to the curators as it granted liquidator Anoosh Rooplal’s request for full repayment of the loan from VBS to Sgameka Projects.

A spokesperson for Rooplal said so far, Shivambu has not made any payment towards the outstanding amount, but has not contested the order.

"We are awaiting payment of the outstanding amount from Brian."

The court held that Shivambu will be liable for interest at the rate of prime plus 500 basis points, calculated daily and compounded monthly from January 24.

Shivambu, as sole director of the company, stood surety for a R4 million loan to Sgameka, which was allegedly used to channel money to the EFF.  Sgameka failed to service the loan, signed in December 2017, and fell into arrears of more than R2,785,780.

VBS was placed under curatorship after the bank was looted of roughly R2 billion, much of it deposited by some of the country's poorest municipalities in a breach of rules eased by bribes. Shivambu's name is among 53 listed by Advocate Terry Motau in a forensic report commissioned by the South African Reserve Bank, as having benefited from the illicit dealings that triggered the bank's collapse. His report, titled The Great Bank Heist, detailed how the bank's executives colluded with auditors to extend big overdrafts to clients who did not qualify and to channel money to themselves. 

It is alleged that more than R10 million flowed from VBS's coffers to the EFF via Shivambu.

ANA