Julius Malema land expropriation

Twitter / Julius Malema

Julius Malema hits back after report links his cousin to VBS Bank looting

It’s alleged that a cousin of Julius Malema has received almost R6 million from looted VBS Bank funds, courtesy of Brian Shivambu.

Julius Malema land expropriation

Twitter / Julius Malema

EFF Commander-in-Chief Julius Malema has responded to the Mail and Guardian’s claims that his cousin received a R5.9 million windfall from one of the chief VBS Bank looters, Brian Shivambu.

Of course, Brian is the brother of EFF Deputy Leader, Floyd Shivambu. Since the news surfaced of VBS’ dire financial state – aided and abetted by top officials helping themselves to bank profits – the red berets have been put in a very awkward position.

Who is Julius Malema’s cousin, Matsobane Phaleng?

That has been exacerbated but the M&G report. According to the publication, multiple payments were made between June 2017 and February 2018 from Brian Shivambu’s Sgameka Projects to Mahuna Investments, a company solely owned by Malema’s cousin, Matsobane Phaleng.

The transactions are said to total almost R6 million, delivered in instalments over that eight-month period. Some were as big as R1 million at a time, whereas the smallest amount Phaleng is said to have received at once is R500 000.

Juju himself stated that he is not close to his Phaleng, claiming that he is one of ten cousins in the family. As you’d expect, Malema also took to his Twitter account to dismantle the allegations against him:

Bad maths: Julius Malema dismisses VBS Bank claims

The red berets’ chief doesn’t believe that the numbers add up here, saying that the media are reporting Shivambu took R16 million in stolen funds, yet their numbers total something different (R17.2 million).

During a press conference two weeks ago, Malema confirmed that he and the party’s top brass had seen Floyd Shivambu’s bank statements and that there is nothing out of the ordinary with his transaction history.

The report has been referred to the Hawks and the National Prosecuting Authority for criminal investigation and prosecution. Brian Shivambu, meanwhile, has stated he will take legal action against the authors of this extensive document.