VBS funds allegedly bankrolled Malema’s Gucci, Durban July lifestyle – report

Funds flowing from the collapsed VBS Mutual Bank allegedly bankrolled Economic Freedom Fighters (EFF) leader Julius Malema’s lifestyle.

This is according to a Daily Maverick report published over the weekend.

The report claims Malema used a bank card linked to Mahuna Investments, one of the companies that allegedly received R5.3 million of VBS loot.

Malema’s cousin, Matsobane Phaleng, is the registered owner of Mahuna Investments.

Shopping sprees and Durban July

Malema used the company’s bank card for shopping sprees, the Durban July, accommodation expenses and his son’s school fees among others, the report claims.

The EFF leader allegedly spent about R900,000 in July 2018 alone.

Of this, R27,094 reportedly went to Gucci and Le Coq Sportif in Sandton City, R30,860 to the Durban July, and R416,900 to Mekete Lodge, a party venue in Polokwane.

The report further alleges that Malema spent tens of thousands of rands on hotel accommodation around the country.

About R200,000 covered his son’s school fees, the report claims.

Daily Maverick matched Malema’s diary gleaned from his and EFF’s social media accounts with the card’s transactions over a period of time.

It established a pattern of card transactions occurring wherever the EFF leader was.

No comment

Malema and EFF’s spokesperson, Dr Mbuyiseni Ndlozi, did not respond to Daily Maverick‘s request for comments.

His cousin Phaleng however denied any wrongdoing, insisting that all transactions were business-related expenses.

Nevertheless, the EFF leader appeared to react to the report on Twitter on Sunday.

He posted a video DJ Black Coffee and Zakes Bantwini performing their hit Juju.

He accompanied it with the caption, “I am enjoying my Sunday; not today satan maybe during the week.”

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