VBS in court to recover money and liquidate Brian Shivambu’s Sgameka

Liquidators of VBS Mutual Bank will be in the high court in Johannesburg on Friday in a bid to recover more than R4.2m owed by Brian Shivambu’s company Sgameka, and to have it liquidated.

A forensic report commissioned by the SA Reserve Bank, published in April, found that Brian Shivambu had received R16m in “gratuitous payments” from VBS, which formed part of a nearly R2bn alleged looting of the bank, leading to its near-collapse. According to Rooplal’s court papers in the Sgameka matter, the company owed VBS a little more than R2.7m for the loan and R1.5m for the mortgage.

Sgameka had agreed to repay the capital amount, together with incidental costs and interest accrued in 24 instalments: 23 would be R190,627 and the last instalment R188,855.On the mortgage, Shivambu was given about R1.4m by VBS in October 2016, so that Sgameka could purchase property in Mogale City, west of Johannesburg.

I thought Brian has settled his debt with VBS?

So VBS was collapsed by Brain only ?🤷‍♂️🤷‍♂️🤷‍♂️

EFFSouthAfrica again I ask couldn't you have done better to manage this non stop bleeding, when you indirectly got 16 million as alleged. Why are allowing yourself to be a scapegoat

They should go after ALL the benefactors!!!

CoruscaKhaya I'm starting to believe that Brian is responsible for the demise of VBS single handedly

Worry not. He will rock up with your money soon. Ask the curator

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