EFF leader Julius Malema. Picture: Oupa Mokoena/African News Agency (ANA)

Johannesburg - The main opposition Democratic Alliance said on Tuesday it would report Economic Freedom Fighters leader Julius Malema to Parliament's ethics committee over allegations that he benefited from funds linked to failed mutual bank VBS through Mahuna Investments.

Malema has denied any ties to funds stolen from the bank, which the South African Reserve Bank placed under curatorship in March last year.

On Tuesday DA chief whip John Steenhuisen said the party had consulted the declaration of members’ interests for 2017 as well as 2018 and found that Malema did not not declare Mahuna Investments in any form for either of these years.

"If the allegations that are being reported on turn out to be true, then Mr Malema would have broken the law not once but many times over, and would have acted against the very spirit of our Constitution which strives to ensure dignity and equality for all the people of South Africa,"  Steenhuisen said in a statement.

"The money that Mr Malema is reported to have splurged on luxuries such as hotels, horse races, and designer clothing, represent the life savings of thousands of South Africans who are otherwise extremely vulnerable and have very little means to support themselves in their day-to-day lives, let alone in their old age or retirement."

Last November the DA laid charges against Malema and other EFF leaders over their alleged involvement in the looting of money deposited with VBS.

"The DA can not however close its eyes to Mr Malema’s complete disregard for the institution of Parliament," the party's chief whip said.

"We will therefore now also be reporting Mr. Malema to Parliament’s committee on Ethics and Members’ Interests, in order for this committee to investigate his non-compliance with the code of conduct of Parliament, and the rules and regulations regarding disclosure of interests."

African News Agency/ANA