Floyd Shivambu, the deputy leader of the Economic Freedom Fighters (EFF), has been hit with a financial penalty for his failure to disclose a payment he received. The National Assembly has decreed a sanction against Shivambu, docking his salary for nine days, following the revelation that he failed to report a payment of R180,000. This sum was given to him by Sgameka Projects, a company that has been implicated in the notorious looting of VBS Mutual Bank.
Penalty Imposed Following Committee's Recommendation
The decision to penalize Shivambu was taken after the Joint Committee on Ethics and Members' Interests of the National Assembly adopted a report recommending action against him. This comes as a part of ongoing efforts to address the fallout from the VBS Mutual Bank looting case, a scandal that has touched several individuals and entities in South Africa.
Failure to Disclose Payments
Shivambu's penalty stems from his failure to declare three payments totaling R180,000 he received from VBS Mutual Bank in 2017 to the register of members' interests. The National Assembly ratified the report on Tuesday, with only the EFF objecting to the move. The deputy leader of the EFF will lose nine days' salary for breaching the ethics code.
Continued Repercussions from VBS Scandal
The sanction against Shivambu is a part of the continued repercussions from the VBS scandal. The looting of VBS Mutual Bank has had a significant impact on the South African financial landscape, leading to investigations, penalties, and ongoing efforts to recover the lost funds. This latest development underscores the ongoing commitment to addressing ethical breaches and ensuring accountability in the wake of the scandal.