The VBS R16m was for consulting work I did - Brian Shivambu

Businessman says his Sgameka Projects was paid money by Vele Investments in terms of contract


My name was mentioned in the Report by Advocate Terry Motau SC as part of the people who allegedly benefited from what he termed the VBS Mutual Bank heist.

In 2017 my company, Sgameka Projects was appointed to provide professional consulting services to Vele Investments in their mining and insurance businesses. Sgameka projects does not have any working relationship with VBS Mutual Bank, and has never received any payment from VBS Mutual Bank.

During the contracting period, Vele Investments advised me that since they bank with VBS, our company and myself as its Director should open a bank account with VBS Mutual Bank for ease Of payments. Sgameka Projects has since 2017 offered the services to Vele Investments and received monthly payments as stipulated in the contract.

Even though the VBS Report mentioned my name at no stage did the VBS Mutual Bank investigators write to me, interview me or interrogate me to explain my business relationship with Vele Investments. Had they bothered to contact me I would have satisfacorily demonstrated to them that I have had no dealings with VBS It is discomforting and unlawful to pass judgment on anyone without granting them an opportunity to state their case.

The report details people who played a direct or indirect role in influencing depositors into VBS, and nowhere does it state or insinuate any role I played in the business of VBS. I have never met any municipality or potential depositor to encourage them to deposit money with VBS, because that is not what I do.

I am willing to cooperate with Law Enforcement institutions in South Africa to put this matter to rest. I believe that anyone who is found guilty with wrongdoing on the VBS case must be held accountable and monies that were illegally siphoned should be paid back. Equally I intend to legally pursue the owners of the VBS Report for defamation of my character and that of my company as well as for the strain this report has caused to my family. I am aware that my brother's name has been raised in relation to this matter. I am a private businessman and I do not intend to involve myself or my family in political debates.

South Africa's law does not permit anyone to be put into trial, and convict them without granting them the right to State their version.

11 October 2018

Statement issued by Floyd Shivambu on his brother’s behalf via Twitter, 11 October 2018