Get IOL's cool new iPad app...
ANC Youth League leader Julius Malema is the sole trustee of a secret family trust, registered in the name of his five-year-old son, which he allegedly uses to finance his lavish lifestyle, City Press reported on Sunday.
According to the newspaper, the Ratanang Family Trust was registered at the Office of the Master of the High Court in Pretoria in 2008, just weeks after Malema was first elected president of the youth league.
Citing two “independent, well-placed sources with knowledge of Malema’s financial dealings”, City Press says the trust is being used “by the youth leader and his benefactors” to fund his lifestyle.
“Thousands of rands” are deposited into the account on a regular basis, says the report, quoting the sources.
“Frequent deposits are being made from different banks, especially in Limpopo.”
City Press said Malema had denied that the trust was being used to launder illicit funds, but “declined to divulge its purpose or bank balance”.
On Saturday, Malema sought an urgent court interdict to stop City Press publishing a report on the trust, but this was dismissed by Judge Colin Lamont in the Johannesburg High Court. Lamont ruled that Malema was a public figure and that publishing the story was in the public interest.
Further, he had found the evidence contained in the City Press story to be “credible”.
Malema's legal team reportedly argued that his public image could be seriously damaged if details of the trust fund were published.
The City Press had opposed the application.
Earlier this week, Malema said that it was “nobody's business” where he got his money from.
He called the media briefing at the time to respond to a Sunday Independent report last weekend that he was building himself a R16 million house in Johannesburg's posh Sandown suburb.
Opposition political parties have called on the SA Revenue Services to investigate his wealth, claiming it is not compatible with his reported R25,000 a month salary.
The youth league's spokesman Floyd Shivambu was not immediately available to comment. - Sapa
leav malema alone viva!! malema viva!!
Chillipeppa, you are 100% correct in what you say. I was only correcting the misconception of being able to use a Trust to hide or launder cash.You or me, bud, and were are deep in the mire.
Spot the trend here ... Zuma, Cwele, Malema etc etc etc etc ..... It just doesn't stop ... they say a fish rots from the head down ... perhaps it is time to start a tax boycot until there is some more open accountability on how my hard earned tax money is used ... because this is not what I pay taxes for
Mfwetu , wrote
This is wrong .. He is stealing from our people and it is coruption and he must be punished. This is not the ANC way - I cannot believe hiom anymore when he says he is fighting for the liberation of the poor becuase he is just stealing from us .. Julius must go !!
@Kevin and By bye Stu, this will never happen! SARS is very willing to climb down anyone's back to investigate missing taxes. Someone very powerful has obviously blocked them from doing this to Malema as they have politely "declined" the DA's request to investigate Juju. If it was me or you, they would be all over us like a rash. However there are only rules for non ruling party folks here and non for any "important" ANC figures. Zuma's total inability to act in the latest public protector findings is confirmation of this
Bye bye stupid, wrote
end of Malema this. He'll go to prison and the world will be a better place
Lots of hype of Trusts and their ability to hide financial dealings. What a load of hogwash. A Trust is a legal entity and has to be registered with Cipro and the Receiver of Revenue. Like all legal entities, a Trust has to produce annual financial statements and declare all received revenue and expenses. Therefore, if a Trust fails to do this, it follows that it has acted illegally and could be deemed to have committed a deliberate act of Tax Evasion, and not avoidance as Mr Anon below states. However, if Mr Malema is using his Trust as his financier, somebody has donated or loaned this Trust huge amounts of capital and this will have to be recorded in the financial statements of this Trust. If it is a loan to this Trust and he is allowed to use the income from this capital, then he is doing no wrong, provided the tax portion of the income derived is paid. If it was a donation, then I hope it has paid the attracted donation tax.
Hau JuJu you just got caught with your hand in the till my Broer !!!
if the poor does not care for his money ..... ask them if they would like all the money in his trust account for houses for them Come Malema we dare you hand your Trust over to the Poor !
Have the banks done the FICA form on malema?? They should be investigated as well.
I wouldn't call Floyd Shivambu anytime soon for more information or commentary. He's got a strange message on his answering service. You get 3 options which I can't repeat here - just check out the Zapiro pic for further info.
Brad the problem with Malema - the ANCs Dilema - is that he cannot and will not divulge where he gets his mopney from. He claims to live on R20,000 per month paid by the ANCYL so where does the rest come from? Its nothing to do with Black-White or Coloured but everything to do with accounting for where yu get your funds fom. Yes Trust Funds have been around for years and some pay 8-10% interest but Malema hasn't had time to build up a big portfolio in only 3 years so if he can't explain where his money comes from perhaps people like you who see everything as anti-Black can? Why is it that when the ANC or ANCYL are investigated its a race issue rather than a transparency issue? Nothing to hide, nothing to fear........or have you?
Aahh! Isn't communism wonderful. A system where leaders look after the poor and destitute without enriching themselves. At least that's what I thought it was. Maybe it is a system where the have nots watch the haves grow richer at their expense and try ti hide it away. Oh no sorry. That's capitalism! This new system must be something to do with wood work?
Juju, the closet capitalist, may be walking on thin ice.
Sounds like a perfect case or the Scorpions to investigate! ....oops, sorry, I forgot that the ANC took them out. Oh well, at least we can read about it in the paper....sort of....or until they get muzzled too. Interesting times we live in.
Dukie 743 , wrote
SARS WILL NOT TAKE ACTION AGAINST ANC POLITICIANS. LIKE THE DISGRACEFUL NPA PERSONNEL WHO 'ILLEGALLY' WITHDREW CHARGES AGAINST ZUMA, THE SARS PEOPLE ARE AFRAID THAT THEIR HEADS WILL ROLL. NOTE THAT GORDHAM. MANUEL AND PATEL ARE ALL ANC.
JULIUS MALEMA AND WINNIE MANDELA ARE UNTOUCHABLE BY THE LAW,INCLUDING THE SOUTH AFRICAN REVENUE SERVICES AND THE POLICE. THE SOUTH AFRICAN JUSTICE SYSTEM IS AN ASS BECAUSE OF THESE TWO AND ALL THE OTHER FILTHY RICH ANC MINISTERS AND POLITICIANS WHOM THE SARS ALSO REFUSE TO TOUCH. THIS IS WHY THE SCORPIONS WAS KILLED OFF BY THE ANC.
Golly.. Such vicious commentary..A feeding frenzy would not be an inaccurate deion. Trust Funds have been around for many years. I suppose white people just are inherently honest, so thats different?;-) If Mr. malema has done something wrong, or illegal, yeah, sure, let any wrongdoings be exposed. How about we start looking at ALL trustfunds? Will the newspaper reports still attract such venomous comment when we begin to expose which trustfunds swallowed all the Apartheid billions ?
Dear ceebee. Tax evasion is a criminal offence, not tax avoidance. Poor education. Yes! you need class action. Take your books and go to class.
It does not matter where income is derived as it all must be declared for tax purposes. SARS must be asked the question: "look at his past tax returns to see if he declared all his income including trust accounts". Now that is very simple to do even for ANC cadre's. (well maybe). He himself is obliged to keep copies of his tax returns so we need the originals (SARS) and his copies to see if they match up (assuming here that no ANC political interference has taken place at SARS!). But I think we all know corruption runs deep in the ANC world.