South Africa: VBS Theft, Money Laundering & Life's Little Luxuries - Julius Malema's Time of Spending Dangerously

Economic Freedom Fighters leader Julius Malema (file photo).
analysis

The lifestyle and political aspirations of EFF president Julius Malema were also funded from the R16m robbed from VBS Mutual Bank. Scorpio's investigation into the bank statements of VBS-beneficiary and slush fund Mahuna Investments show how the life savings of the poor and vulnerable VBS-depositors, as well as municipalities around the country, were transformed into school-related expenses for Malema's sons, and were used to pay for Gucci, Louis Vuitton and tailored suits from designer Linda Makhanya, the Polokwane party venue and the EFF. Scorpio can now reveal details of how at least R5.3m in VBS loot was siphoned off to Mahuna Investments, and how the bank card linked to this account followed Malema around the country, maintaining his personal lifestyle.

In July 2018, hundreds of panicked people queued for days at the headquarters of VBS Mutual Bank in Thohoyandou, Limpopo, in an attempt to extract their money from the failed bank. For some, the flames of panic were fuelled by the knowledge that their entire life's savings were deposited at VBS.

Meanwhile, during the same month in 2018, Julius Malema utilised beneficiary of VBS-loot Mahuna Investments' bank card to spend R900,000 on Gucci and Le Coq Sportif in Sandton City...

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