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Malema linked to VBS looting of millions

By BO Staff Writer

Recent reports by the Daily Maverick’s investigative unit, Scorpio, show that Julius Malema, leader of the Reds of London, is linked to the VBS Mutual Bank looting of millions which he used, amongst other things, to fund his expensive lifestyle.

More specifically the reports indicate that an amount in excess of R5 million was transferred from VBS Mutual Bank into a slush fund account used by Malema. In March 2018 the VBS Mutual Bank was placed under curatorship by the South African Reserve Bank (SARB).

Evidence further shows that “Designers suits, hotel stays, expensive liquor and even school fees” are some of the expenses paid for that are linked to Malema and his looting of the VBS millions. Moreover, the Scorpio investigation concludes that these expenses could certainly not be paid for by Malema’s salary as a Member of Parliament (MP).

From 2017 to 2018 Malema’s card purchases were allegedly connected to an account named Mahuma Investments which in turn was a company that was registered to Matsobane Phaleng, his cousin. The reports indicate how an amount in excess of R16 million belonging to VBS was transferred into the account of Sgameka Projects, which is the business of Brian Shivambu (brother of Floyd Shivambu) before funds were transferred to Mahuma Investments.

Records show that neither Mahuma Investments nor Sgameka Projects paid taxes or performed any work. Malema has previously denied any links to and knowledge of Mahuma Investments.

This is a developing story.