How Julius lied

2010-02-28 12:08

ANC Youth League president Julius Malema this week lied when he

told the media that he held no shares in a company which has won lucrative

contracts in his home province of Limpopo.

Malema also lied when he said he had never signed any papers to

become a member of SGL Engineering Projects – a company he became a director and

majority shareholder of last May.

Company registration records ­seen by City Press this week show

that Malema owns 70% of SGL Engineering Projects and that he signed on as

director, signed to pass power of attorney to his business partner and signed a

third time to take up his majority shareholding.

Malema was elected the youth league president in Bloemfontein in

April 2008 and claims to have deregistered his directorships from companies

shortly afterwards.

However, the company registration documents City Press saw

­indicate that he registered SGL and took over majority shareholding of the

company last May.

In terms of a memorandum of association signed by Malema and his

business partner, Lesiba Cuthbert Gwangwa, last May, the company issued 1?000

shares. The documents show that Malema took 700 shares, making him a 70%

shareholder while the remaining 30% went to Gwangwa.

This comes despite the youth leader’s denial that he benefited

financially from SGL’s business operations.

In the past three years SGL has received several contracts worth

R140?million from eight municipalities in Limpopo.

Following revelations of his business interests Malema this week

sought to defuse the controversy by saying he had given up his shares, but he

failed to show proof that he was no longer a director of SGL.

He also claimed that he had instructed his lawyer, Tumi Mokwena, in

2008 – shortly after his election as the ANCYL leader – to deregister him in all

businesses he was involved in while in Limpopo.


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