VBS theft, money laundering & life’s little luxuries: Julius Malema’s time of spending dangerously

The lifestyle and political aspirations of EFF president Julius Malema were also funded from the R16m robbed from VBS Mutual Bank. Scorpio’s investigation into the bank statements of VBS-beneficiary and slush fund Mahuna Investments show how the life savings of the poor and vulnerable VBS-depositors, as well as municipalities around the country, were transformed into school-related expenses for Malema’s son, and were used to pay for Gucci, Louis Vuitton and tailored suits from designer Linda Makhanya, a Polokwane party venue and the EFF. Scorpio can now reveal details of how at least R5.3m in VBS loot was siphoned off to Mahuna Investments, and how the bank card linked to this account followed Malema around the country, maintaining his personal lifestyle. Get the full story at https://www.dailymaverick.co.za/article/2019-09-08-vbs-theft-money-laundering-lifes-little-luxuries-julius-malemas-time-of-spending-dangerously/

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