Streaming issues? Report here
volume_up
volume_mute

Up Next: Early Breakfast with Abongile Nzelenzele
See full line-up
Home
arrow_forward
Local

Daily Maverick exposé shows 'Malema's slush fund' doesn't have records

10 September 2019 12:42 PM
Tags:
Julius Malema
Floyd Shivambu
VBS Mutual Bank
vbs
VBS Bank
corruption at VBS Mutual Bank
Brian Shivambu
Journalist Pauli Van Wyk says she can't open a case against the EFF leader because it is unethical.

The latest exposé from the Daily Maverick shows how Economic Freedom Fighters (EFF) leader Julius Malema benefited from the VBS Mutual Bank heist.

The article reveals how money from VBS allegedly financed the EFF leader’s lifestyle.

It is alleged that Malema spent R900,000 on luxury clothing brands, hotels and food.

The Reserve Bank placed VBS under curatorship in March last year while several of the bank’s former directors have recently been sequestrated.

Pauli van Wyk of the Daily Maverick's investigative team, Scorpio, explains her investigations to 702's Eusebius McKaiser on The Eusebius McKaiser Show.

RELATED: 'VBS is being investigated and there is progress in that regard' - Hawks

If you look at Mahuna Investments, it didn't tender for any government business or any other business at all. It does not have a website or a logo and no one knows about this company.

Pauli van Wyk, Journalist - Daily Maverick

When you dig deeper, you still see that Mr Matsobane Phaleng is the owner of this company and when you still dig deeper and look at the bank statements, you see that they don't look like a company's bank statement. There are no operational costs, there is no expenses page, no employees.

Pauli van Wyk, Journalist - Daily Maverick

Van Wyk says the statements point to someone being funded because the expenses relate to food, clothing, accommodation and travel costs and some school fees as well.

Van Wyk has questions as to whether this is Phaleng's account.

He only received director's fees of R245,000 over two years and paid directly into his own bank account. His name doesn't appear at all in the bank statements and his social media doesn't seem to place him where the cash was spent.

Pauli van Wyk, Journalist - Daily Maverick

What is the link between Mahuna Investments and Sgameka Projects?

Van Wyk says Sgameka Projects received more than R15m from VBS and when she did her investigations, the company did not receive any income other than that from VBS.

Sgameka Projects is the company that is owned by Brian Shivambu. It is the company that directly received all VBS funds.

Pauli van Wyk, Journalist - Daily Maverick

If you look at what services they would have done for VBS, there is nothing. There are no documents underpinning the value of the money dumped into the Sgameka Projects. There are no employees, buildings or coffee and tea being paid.

Pauli van Wyk, Journalist - Daily Maverick

If you look at the account, it is money going to the EFF, a lot of money going to Mahuna Investments, which we know is the slush fund for Malema and Grand Azania, which we know is the slush fund for Shivambu.

Pauli van Wyk, Journalist - Daily Maverick

Questions have been asked as to how Van Wyk obtained the bank statements.

Legally, she says.

Remember that we have a lot of sources that have the country's best interests at heart and it is a duty of the journalist to protect those sources. More than that it is legally derived from the sources. I can't say more than that.

Pauli van Wyk, Journalist - Daily Maverick

Some social media users have challenged Van Wyk to go to the police and open a case.

It doesn't work like that across the world. We can't lay a complaint against the people we are investigating. It is unethical.

Pauli van Wyk, Journalist - Daily Maverick

Watch the video below...

Listen to the full interview below...


This article first appeared on 702 : Daily Maverick exposé shows 'Malema's slush fund' doesn't have records


10 September 2019 12:42 PM
Tags:
Julius Malema
Floyd Shivambu
VBS Mutual Bank
vbs
VBS Bank
corruption at VBS Mutual Bank
Brian Shivambu

More from Local

'Army should only stay on Cape Flats if police have crime intelligence plan'

15 September 2019 9:44 AM

If the SANDF deployment is extended on the Cape Flats, it must be done in conjunction with better policing, an analyst explains.

Read More arrow_forward

Khayelitsha eco hustlers run CT Marathon with trees on their backs

15 September 2019 8:38 AM

Khayelitsha green entrepreneur Siyabulela Sokomani has brought his 'moving forest' to Sanlam Cape Town Marathon for a good cause.

Read More arrow_forward

De Lille remembers Bok legend Chester Williams ahead of funeral service

14 September 2019 8:46 AM

Minister Patricia de Lille has invited the public to pay their final respects to Williams at the Newlands Stadium in Cape Town.

Read More arrow_forward

#SandtonShutdown: Activist says civil society can't fight against GBV alone

13 September 2019 4:02 PM

Hundreds of women gathered outside the JSE in Sandton as early as 3am this morning to demand support from the private sector.

Read More arrow_forward

'Peter Moyo is not required – nor permitted – at work'

13 September 2019 2:32 PM

Old Mutual is not backing down in its fight with fired CEO Peter Moyo. Ray White interviews EWN’s Nthakoana Ngatane.

Read More arrow_forward

Bob Hewitt victims cry foul over parole decision

13 September 2019 2:08 PM

Olivia Jasriel says they were informed on Thursday that Hewitt will be released n the 23 September 2019.

Read More arrow_forward

'Why I broke the silence on Dr Thandi Ndlovu's abuse story'

13 September 2019 1:01 PM

Businesswoman Khanyi Chaba says she spoke out about the abuse of her late friend Dr Thandi Ndlovu in order to honour her legacy.

Read More arrow_forward

YES beneficiaries work in South African clinics to fight HIV/Aids

13 September 2019 10:19 AM

Kgabele Memela says because of the initiative he received an internship at Unlockd.

Read More arrow_forward

City of Cape Town explains why it hiked electricity tariffs

13 September 2019 9:15 AM

Civic pressure group Stop CoCT says it found discrepancies in the tariff increases implemented by the City.

Read More arrow_forward

'Children don't just wake up today and say I'm going to commit a murder'

13 September 2019 8:42 AM

Centre for Child Law project manager Zita Hansungule says children still have the ability to be rehabilitated and reintegrated.

Read More arrow_forward