Malema, Shivambu Benefited From VBS cash – report

The Daily Maverick also found evidence that suggests Malema funded his lifestyle with illicit VBS cash.

Malema, Shivambu Benefited From VBS cash – report
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EFF president Julius Malema, deputy president Floyd Shivambu and the party itself benefited from the wide-scale looting of VBS Mutual Bank, according to the results of an investigation published by the Daily Maverick on Wednesday.

The investigation has revealed details of how money allegedly flowed from VBS to a company run by Shivambu’s brother, Brian, called Sgameka Trading and from there to another company called Mahuna Investments, owned by Malema’s cousin, Matsobane Phaleng.

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Sgameka received R16m of money allegedly stolen from VBS. This was revealed in advocate Terry Motau’s bombshell investigation report into the collapse of the bank.

The report, titled “The great bank heist”, was published by National Treasury last month. Motau found that the looting of the bank, through the creation of fictitious deposits, totalled more than R2bn.

Daily Maverick has now uncovered what could be proof that at least R1.8m flowed to the EFF coffers from Brian’s company, Sgameka, and that a further R4.8m was paid to Mahuna Investments, owned by Phaleng.

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The funds were allegedly used to pay for the EFF’s birthday celebrations in 2017 and for payments toward a R5m Sandown home that Malema reportedly stayed in until very recently.

The Daily Maverick also found evidence that suggests Malema funded his lifestyle with illicit VBS cash.

Malema denied all wrongdoing in written answers to the Daily Maverick. Shivambu also denied wrongdoing, and accused Daily Maverick of conducting a “fishing expedition”.  EFF spokesperson Mbuyiseni Ndlozi, also denied knowledge of the party benefitting from the VBS “robbery”.

The EFF has repeatedly called for VBS to be saved. Despite this, the North Gauteng High Court in Pretoria earlier this month granted an order for the bank to be liquidated, reported Fin24.

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