#SARS’s Criminal and Illicit Economic Activities division traced stolen VBS money through two front companies into #EFF deputy leader #FloydShivambu’s FNB Private Wealth bank account. dailymaverick.co.za/article/2021-0…
#FloydShivambu’s sustained charade of ‘fighting for the poor’ instead of robbing them is, for the first time, highlighted by a state institution in open court proceedings following #Sars investigation into his brother, Brian, and the missing #VBS millions. dailymaverick.co.za/article/2021-0…
#Sars has slapped 2 companies of #BrianShivambu with a R28.2m tax bill. This eye-watering amount includes penalties because Shivambu attempted to evade paying tax for the periods 2017, 2018 and 2019.
Relates to Sgameka: google.co.za/amp/s/www.dail…
And Mahuna: google.co.za/amp/s/www.dail…
#Brian Shivambu “defrauded” #VBS out of R16m, #SARS found. He “committed a criminal offence” by not declaring income tax & VAT – conduct which is regarded as “intentional tax evasion” – and, when contacted by SARS, he acted in an “obstructive” manner dailymaverick.co.za/article/2021-0…
Being dismissive of #SARS compounded #BrianShivambu’s problems. His conduct earned his companies 125% & 200% tax penalties, respectively. Companies are also hopelessly insolvent - so Sars brought 2 liquidation applications against filed at the High Court in Pretoria in July.
#GrandAzania & #SgamekaProjects, #SARS told the court, “have been utilised by its director and only shareholder, #BrianShivambu, as the vehicles through which he defrauded the VBS Mutual Bank of approximately R16-million”. dailymaverick.co.za/article/2021-0…
These open court procedures include reams of tax assessments & bank statements in support of #SARS’ extensive investigation – including 6 months’ worth of bank statements from #FloydShivambu’s FNB Private Wealth bank account, dated 25 May to 24 Nov 2017.
We followed the 💰:
#Sars found #VBS loot flowed directly into #FloydShivambu’s FNB Private Wealth Bank account as well as in 2 #EFF bank accounts.
Also into #Mahuna, which I already analyses & described as #JuliusMalema’s front. (Sars papers about #BrianShivambu make no mention of #Malema)
#FloydShivambu’s total income from 25May-24Nov2017 was just over R2.3m. This figure includes his parliamentary income of R260,448.85. Shivambu received a parliamentary salary of about R44,000 each month, plus 3 smaller ad hoc payments for which the reason is unclear.
#FloydShivambu as DP of the 3rd-largest party in Parliament has since inception of #EFF declared no additional income, trusts or assets to Parliament. His FNB Private Wealth bank statements, alarmingly, show he received in 6mnths just over R2m more than he legit should have.
23 Oct 2018, #FloydShivambu: “…I can state here categorically clear, without any fear of contradiction, that the #EFF and ourselves as members of Parliament never benefited anything from the #VBS looting and the so-called heist that happened there…”

Yet, here we are.
Side note: FNB’s Private Wealth Bank account is a product focused on “high-net-worth individuals”. It comes with a private banker and R529pm service fee.

#FloydShivambu #VBS

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Pauli Van Wyk

Pauli Van Wyk Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @PaulivW

3 Jun
Corruption battered South Africans who care for our country need to sit up & listen what @dailymaverick & @amabhungane are telling us about this #Karpowership deal:
1. Rival bidder claims Turkish Karpowership's deal with SA gov is marred with illegalities & corruption;
2. Energy analysts say the “emergency” 20yr R200-BILLION #Karpowership deal is insane & we are overpaying;
3. Environmentalists are warning of disastrous maritime consequences;
4. Maritime lawyers warn that we don't have the physical space at ports to berth five floating power ships for 20yrs;
Read 8 tweets
25 Jun 20
Just in: A manager at Merafong Municipality in Jhb #ThysWienekus was arrested in connection with #VBS this morning. He will be charged with 1 count of contravening s173(3) of the Municipal Finance Management Act.
This is the first arrest in the #VBS Municipal investigations leg.
#ThysWienekus was later appointed as CFO of Merafong Municipality & may have been grossly negligent when he made a R50m investment with #VBS in contravention of the MFMA.
He acted on the instructions of(Screengrab is s173(3) of MFMA - what #Wienekus is charged with)
#NPA's charge sheet says #ThysWienekus made R50m investment in #VBS on instruction of Municipal Manager #RomeoMohaudi, despite knowing investments with VBS were not permitted.
It seems that #Wienekus may be used as state witness against Mohaudi and in this leg of investigations.
Read 7 tweets
18 Jun 20
A thread on why some arrested in the #VBS case admitted guilt before adv #Terry#Motau and Werksmans, but told the court today they will plead “not guilty”,
and why the amounts on the indictment is different from the amounts they actually received.
#TshifhiwaMatodzi & #AndileRamavhunga are the only accused who steadfastly denied before #Motau that they were not guilty of the #VBS bank heist. They told the court today they will plead "not guilty" and asked for bail. (@van1go is reporting on magistrate Nemavhidi's decision)
Testifying before Motau, #PaulMagula, #ErnestNesane, #PhilipTruter, #PhlaphalaRamikosi & #PhophiMukhodobwane confessed to some wrongdoing. #SiphoMalaba seemed to not have actually confessed, but his problem is that he signed off on #VBS' positive AFS and lied to the SARB.
Read 12 tweets
17 Jun 20
#VBS' chair #TshifhiwaMatodzi is one of 8 arrested relating to the fleecing of the bank. I wrote about his role here, and showed how he ordered money to be paid to the #EFF leaders' front company as "lobbying fees" & because the account was "strategic". dailymaverick.co.za/article/2020-0…
The #PIC appointed #ErnestNesane & #PaulMagula to guard their investment in #VBS. They rather helped to cover the black hole & took millions of poor people's money for themselves. Wrote about them here: dailymaverick.co.za/article/2019-0…
#PhilipTruter was instrumental in the #VBS scam and worked closely with #PhophiMukhodobwane and #TshifhiwaMatodzi, WhatsApp messages show. I wrote about Truter's part here: dailymaverick.co.za/article/2020-0…
Read 5 tweets
17 Jun 20
#VBS robbery: First arrests
8 men have been arrested early on Wednesday morning in connection with the theft of R2,7-billion at VBS Mutual Bank in around 2015 to 2018.
NPA issued a racketeering certificate in which the group is accused of being instrumental in fleecing the bank's resources & its ultimate implosion. Will be prosecuted for a range of allegation, including racketeering, corruption, money laundering, fraud.
4 bankers, 2 officials from PIC, a KPMG auditor & a ltgenl in SAPS have been arrested in connection with their instrumental role in the theft of over R2,7-billion from #VBS Mutual Bank, a bank mainly catering for the poor. This group includes 4 chartered accountants & an attorney
Read 9 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!