Report indicates Malema and Shivambu did benefit from VBS looting

Report indicates Malema and Shivambu did benefit from VBS looting

- New evidence indicates that Julius Malema, Floyd Shivambu and the Economic Freedom Fighters benefited from the looting of VBS Mutual Bank

- An investigation allegedly points out how Malema received money that funded his lifestyle

- Malema and Shivambu deny any truth to the allegations

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According to new evidence that came to light, the Economic Freedom Fighters, its leader, Julius Malema, and its Deputy President, Floyd Shivambu all benefited from the VBS Mutual Bank looting.

News24 reports that this was learned from a recent investigation, which allegedly shows that money flowed from the bank to a company that Shivambu's brother, Brian, ran.

The company, Sgameka Trading, then reportedly sent the money to Mahuna Investments, which is owned by Malema's cousin, Matsobane Phaleng.

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According to the new evidence, at least R1.8 million went to the EFF from Sgameka, and about R4.8 million to Mahuna Investments. gathered that it's alleged the money went to paying for the EFF's 2017 birthday bash as well as the R5 million house that Malema lived in until recently.

It's further alleged that Malema used VBS money to fund his lifestyle.

Malema and Shivambu denied all the allegations made against them. They accused The Daily Maverick, who reported on the evidence, of being on a fishing expedition.

This comes after Malema stated he wants VBS Mutual Bank to be saved. According to him, the bank was targeted by its competitors.

He added that if he can't save the bank, he would look at supporting bankers who want to start a similar bank.

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Source: Briefly News

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