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Daily Maverick: Malema’s Claims that No VBS Money Flowed to EFF Bank Accounts a ‘Crude Lie’


Faizel Patel, Radio Islam News – 28-05-2019

(Twitter: @FaizelPatel143)


A Daily Maverick exclusive has revealed that Economic Freedom Fighters (EFF) leader Julius Malema’s claims that no VBS Mutual Bank money flowed into the party’s bank accounts is a ‘crude lie’

The online news website has published explosive evidence showing how money looted from VBS Mutual Bank funded the EFF’s fourth birthday bash held at the popular Eyadini Lounge in Umlazi, Durban, in July 2017.

In the report, journalist Pauli van Wyk reveals that the money stolen formed part of the illegal R16.1m Brian Shivambu’s company Sgameka Projects received from VBS that was ultimately channelled to the EFF.

Van Wyk says a scheme was designed to mask the origin and ultimate beneficiaries of the funds allowing VBS money to flow through companies over which Julius Malema and Floyd Shivambu had ultimate control.

She says the EFF benefited from at least R4.13-million through myriad channels indicating that R1.5-million in VBS loot was paid directly into two EFF bank accounts.

The investigations comes despite vehement denials from the EFF leadership of having benefited from the VBS robbery.

Van Wyk says despite Malema inviting journalists to scrutinise the EFF’s financials during an interview with Eusebius McKaiser on Radio 702 in April, Scorpio’s follow-up request to view the party’s financial records after the 2019 general elections was ignored.

Law firm Werksmans and advocate Terry Motau announced in October 2018 that VBS Mutual Bank was robbed into insolvency.

Their five-month investigation, sanctioned by the Reserve Bank, was triggered by an ostensible “liquidity crisis”.

In a report titled The Great Bank Heist, Motau and Werksmans found VBS was robbed by its owners, managers, auditors and the politically connected.


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