home Featured, News, Politics Floyd Shivambu admits to buying Range Rover with VBS money

Floyd Shivambu admits to buying Range Rover with VBS money

By BO Staff Writer

The EFF deputy president, Floyd Shivambu, used R680 000 from the VBS Mutual Bank to supplement the purchase price of his luxury Range Rover.

The money was paid to a vehicle dealership in Sandton by Sgameka Projects which is owned by his brother Brian Shivambu.

Floyd has admitted to this after he had initially denied that the Range Rover was purchased with VBS money. He further said that the R680 000 was actually in part payment of the purchase price of an old car (2012 BMW 7 Series) that his brother had bought from him. .

In a report released by the South African Reserve Bank (SARB) last year Brian Shivambu or companies he is linked to were found to have received approximately R16m of the VBS money.

The Scorpio investigation has linked Julius Malema, Floyd Shivambu, Brian Shivambu, Matsobane Phaleng (Malema’s cousin) and the EFF to the looting of VBS billions.

Andile Mngxitama, the President of the radical black consciousness organization, Black First Land First (BLF) condemned the actions of those who looted the money of the poor from VBS.

“Frantz Fanon warned about the likes of Floyd who would take money from the poor to buy Range Rovers. It’s systemic. It’s the nature of this class to steal for consumption”, Mngxitama said. He then instructively quoted Fanon:

“The national bourgeoisie of under-developed countries is not engaged in production, nor in invention, nor building, nor labour; it is completely canalized into activities of the intermediary type. Its innermost vocation seems to be to keep in the running and to be part of the racket. The psychology of the national bourgeoisie is that of the businessman, not that of a captain of industry; and it is only too true that the greed of the settlers and the system of embargoes set up by colonialism has hardly left them any other choice”.