Shivambu was mentioned in the Reserve Bank's investigation report as having received R16 million in gratuitous payments from the institution which was placed under curatorship.

JOHANNESBURG – Economic Freedom Fighters (EFF) deputy president Floyd Shivambu says his brother Brian is prepared to pay back the money he received through VBS Mutual Bank if law enforcement bodies advise him to.

Brian Shivambu was mentioned in the Reserve Bank's investigation report as having received R16 million in gratuitous payments from the institution which was placed under curatorship.

WATCH: Malema: Shivambu did not get any money from VBS Bank

But he's since denied ever receiving any money illegally, saying the money that was paid to him by the bank was for consultancy services he rendered for Vele Investments, which was a majority shareholder of the bank.

Floyd Shivambu has explained the services for which his brother was paid the over R16 million for.

“He was providing consulting and advisory services on the non-banking assets of VBS… not VBS, Vele Investments.”

But the company Brian Shivambu provided services for has also been accused of looting money from VBS.

The EFF also poured cold water on the Reserve Bank’s report implicating Brian Shivambu, saying the author of the report should have consulted him to get his side of the story.

(Edited by Shimoney Regter)