Shivambu's younger brother Brian was named in the VBS forensic report as having received over R16-million in gratuitous payments.
Subsequent media reports allege Brian paid R10-million of that money to his older brother, while over a million reportedly went to the EFF.
Floyd is calling on journalists and media houses who can refute his denial to bring forward the evidence.
"Be a patriot in South Africa and go to a police station and say: Here is evidence that Floyd Shivambu received R10-million from VBS," he said.
"There will never be any such."
Malema is adamant that he's willing to act against his deputy if anyone can produce a shred of evidence.
"In the absence of such, there is nothing we can do. Let there be prima facie evidence," he said.
"There is nothing tangible. There is nothing I can touch."
Shivambu says he has no active directorship in any company.
He says he cancelled them all when he took up his position as a Member of Parliament.