VBS bank heist: EFF’s family ties and moneyed connections

EFF President Julius Malema and his “corruption-busting” political party directly benefited from the VBS Mutual bank heist, a Scorpio investigation has found. Scorpio traced the flow of illicit VBS funds, earmarked for a property in the affluent Johannesburg suburb of Sandown, through three fronts that also dished out money to the EFF. Julius Malema stayed for years at the property, which is now registered as an EFF asset. Over R1,8-million of the same illicit VBS funds were used to prop up the EFF, Scorpio has found. Stripped to its essence, a company officially owned by Floyd Shivambu’s brother made questionable payments to a company owned by Malema’s cousin. Both these companies operated like slush funds which dispersed money to where it was needed. This is a story of how the constituency Malema claims to fight for – the poor, the young and the vulnerable – was robbed to feed the EFF leader’s private and political interests.