Brian Shivambu Settles Outstanding VBS Debt Remarkably Fast, Raising Questions

On 13 September, investigative journalists at amaBhungane reported on a rather perplexing development involving Brian Shivambu, the brother of Economic Freedom Fighters (EFF) deputy president Floyd Shivambu. After pleading poverty earlier this year and negotiating to repay only R5 000 per month, Shivambu suddenly paid off the majority of his R4.4-million debt to VBS Mutual Bank.

In a mysterious turn of events, Shivambu remarkably found R3-million to settle most of his debt. This money was paid largely just before a liquidation application was set to be heard against his company, Sgameka Projects, on 13 September.

A week later, on 20 September, Shivambu displayed further financial capability by finding an additional R1.4-million to pay off his remaining VBS debt, court documents reveal. This payment was made on the day the Johannesburg high court was due to make an order on his liquidation application.

To complete the total debt settlement, Shivambu's attorneys paid a remaining interest charge of R41 696 on the 25th of September. As a result, Brian Shivambu is now free from his VBS Mutual Bank debt.

Nevertheless, the origin of Shivambu’s newfound wealth remains veiled in mystery. He has consistently ignored questions about its sources. All payments were made via his attorneys' trust account, further obscuring the specifics of the financial transactions.