Brian Shivambu to pay back R4.5 million

In October of 2018, Advocate Terry Motau issued his report, the Great Bank Heist, on the looting of around 2 billion rand from VBS Mutual Bank. Since then 15 people have been arrested including the bank’s CFO, Phiilp Truter, who pleaded guilty.

After years of denial Brian Shivambu, who was named in that report has finally acknowledged, that he received millions from the bank’s majority shareholder Vele Investments.

Investigative journalist, Pauli Van Wyk has revealed that a secret contract, an acknowledgment of debt was signed in March last year, where Shivambu agrees that there was no underlying basis for the payment. And he will pay back the more than R4.5 million he received.

Van Wyk joined us to explain what she has uncovered.