A new spotlight has been cast on Economic Freedom Fighters leader Julius Malema’s lifestyle after fresh revelations suggest it’s being bankrolled by millions of rand siphoned off from the collapsed VBS Mutual Bank.
Daily Maverick’s investigative unit Scorpio is today reporting how more than R5 million was channeled from VBS into an account the red beret leader allegedly used as a slush fund.
The Reserve Bank placed VBS under curatorship in March last year, while several of the bank’s former directors have recently been sequestrated.
Designers suits, hotel stays, expensive liquor and even school fees: these are just some of the expenses being directly linked to Malema.
But the evidence uncovered by Scorpio reveals that these expenses aren’t being paid for by Malema’s Member of Parliament salary but can instead be traced back to the millions looted from VBS.
The red beret leader’s card purchases in 2017 and 2018 are linked to an account called Mahuma Investments, a company registered to his cousin Matsobane Phaleng.
The money trails show how more than R16 million of VBS funds were paid into Sgameka Projects, the company of the EFF’s Floyd Shivambu’s brother before funds were transferred to Mahuma.
Records show neither of the companies paid taxes or performed any work.
Malema has previously denied knowledge of or any link to Mahuma Investments. However, he did not respond to Scorpio’s request for comment last week.
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