Malema spent R300k on designer clothes

2012-12-09 14:36
Julius Malema (Picture: AP)

Julius Malema (Picture: AP)

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Johannesburg - Expelled ANC Youth League president Julius Malema allegedly used the Ratanang Family Trust for his own benefit, the Sunday Independent has reported.

Almost R6m of the money deposited into the Ratanang Family Trust bank account was paid out, and Malema was apparently the sole signatory, according to a PricewaterhouseCoopers forensic audit report.

According to the newspaper, the report found that "R5.7m of the money deposited into the Ratanang Family Trust bank account was paid out by way of 166 cheques".

The report was authored by auditor Trevor White, for the National Treasury, and had been shared with the Anti-Corruption Task Team, which includes the Hawks, the Asset Forfeiture Unit, the Special Investigating Unit, and the National Prosecuting Authority.

White's opinion was that the Ratanang Family Trust was set up by Malema as a conduit to channel money, which was received "in many instances" from contractors doing work for the Limpopo government.

The object was to disguise or conceal the source of the funds.

Malema appeared to have used the funds for his own benefit, spending nearly R380 000 on designer clothes, and transferring over R200 000 to his personal account.

The trust was established to benefit his son, the newspaper reported.

- SAPA
Read more on:    julius malema
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