OVERVIEW: 'It's pure insanity, it's madness' - Floyd Shivambu on reports he received R10m from VBS bank

2018-10-16 14:00

The EFF has vehemently denied that party deputy president Floyd Shivambu received R10m from VBS Mutual Bank, and dealt with a number of other party matters in a marathon press briefing.

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EFF leader Julius Malema flanked by other party le
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Last Updated at 20:34
16 Oct 14:09

The presser finally winds down with Malema and Mpofu flippantly referring to the fact that a member of Mpofu's family now works for Radio 702... Mpofu jokes that he can't speak to them, and he must recuse himself. 

And with that, the briefing ends.


16 Oct 14:05

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16 Oct 14:00

16 Oct 13:59

Malema on a question of AfriForum and the land issue: "We don't entertain AfriForum. AfriForum is a right-wing, racist organisation. We don't entertain them, in the same way we don't entertain Donald Trump. We don't have time for those things." 

But, Malema says, they will continue to fight for the land, much like their forefathers did.


16 Oct 13:57

Malema comes back to Floyd Shivambu, and mentions Shivambu's bank statements again. Says they have examined all of Shivambu's statements, and if he does have another bank account somewhere else they do not know of, Shivambu knows it amounts to misconduct and he will be dealt with. 

Malema says in their examination of transactions between Floyd and his brother Brian, there are no amounts that have even been close to the alleged R10m. 

"Where does the 10 million come from?" Malema asks again, referencing news reports, saying they should provide proof.


16 Oct 13:53

Malema on a question of the IPPs and the information they purport to have - Malema says they have the information, but before they release it, they first want to check that it's all solid. Says they are checking with the people implicated. 


16 Oct 13:49

16 Oct 13:47

Malema still fielding questions.


16 Oct 13:34

Malema now freestyling, having seemingly addressed the important matters of the day. Takes the opportunity to suggest that certain media houses report the news to suit a narrative that they wish to put out there. Malema questions the validity of using old footage and news reports to push a certain narrative.


16 Oct 13:29

On a question of the EFF assisting with the state capture commission, Malema says they are biding their time, and have loads of information that they can share when they want to. Malema also says that they are working with the commission.


16 Oct 13:26

Malema reiterates that there was no conflict of interest, and insists once again that government must rescue VBS bank for the sake of the people who have money invested/deposited into it.


16 Oct 13:22

16 Oct 13:21

Malema speaks on behalf of Shivambu: "We don't think there was conflict of interest, and therefore there was no need for him to recuse himself, because his brother did not have any relationship with VBS. He had a relationship with Vele. Now, that we know Vele is a shareholder in VBS, it still doesn't make him to be conflicted. We don't believe in that." 

Malema: "I'm happy that the DA has reported him to the ethics committee in Parliament. Let's the ethics committee find that he was conflicted by sitting on that matter."


16 Oct 13:15

16 Oct 13:14

Leaders of the EFF have taken swipes at various members of the media for their reporting on the party's involvement in the VBS scandal.


16 Oct 13:13

16 Oct 13:13

Mpofu calls on government to bail out VBS Mutual Bank, much like the US government bailed out big banks to protect the depositors.


16 Oct 13:11

16 Oct 13:11

Dali Mpofu now addressing the briefing on a few short points. 


16 Oct 13:09

16 Oct 13:09

Malema: "We want to demonstrate to you, it's not only the Zuma group that is rotten to the core, the whole of the ANC in totality, is messed up. So we are showing you two groups, when we expose these two groups, you say 'Now they are fighting Zuma's battles'... that is laziness to think. We'll never fight Zuma's battles."

Malema says just like they told Nhlanhla Nene he must be truthful at the commission, they are telling Blade Nzimande he must go to the (state capture) commission and tell the truth. Malema says they have "information" on everybody. 


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16 Oct 12:59

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16 Oct 12:59

Shivambu: "There's never been any 10 million that came into my account..."

Shivambu on VBS bank reports that first surfaced in the Daily Maverick: "The misleading information which Daily Maverick has, it's deliberate, it's part of the whole propaganda machinery to do all of those things." 

"We can challenge this Pauli van Wyk to bring us the so-called evidence that I received 10 million... it's pure insanity. It's madness." 


16 Oct 12:54

Shivambu: "We have constantly said those who did wrong in VBS must be held accountable..." 

Shivambu says their proposed interventions for VBS was not about the shareholders, but the depositors.


16 Oct 12:51

16 Oct 12:51

Shivambu makes reference to people paying themselves "R2.6-million" for curatorship services.


16 Oct 12:49

Shivambu speaks about the Reserve Bank placing VBS under curatorship, asks about the role of National Treasury (in preventing the collapse of banks).


16 Oct 12:46

16 Oct 12:45

Floyd Shivambu himself now addressing members of the media, and answering questions.



16 Oct 12:44

16 Oct 12:44

Malema: "Corruption must never be covered up, corruption must be fought, but please, let's be fair. Let's work together in exposing the shenanigans." 


16 Oct 12:42

Malema says the EFF wants to help VBS Mutual Bank.


16 Oct 12:41

16 Oct 12:39

Malema says Shivambu's brother, Brian, has worked for the EFF, but not any longer.

Malema also declares that he does have a relationship with the Venda king, and it's no secret.


16 Oct 12:37

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16 Oct 12:35

Malema asks media for proof of Floyd Shivambu's involvement, "Give me something," he says.

Malema: "I'm not scared of Floyd! If Floyd has stolen money, he will be punished accordingly."


16 Oct 12:33

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