Malema's secret trust fund revealed
Image by: RAYMOND PRESTON
ANC Youth League leader Julius Malema's alleged R16m rand house currently under construction in Sandown has had many tongues wagging, and now a weekend paper claims to have discovered that he has a secret family trust in which he is the sole trustee.
City Press reports that Malema registered the Ratanang Family Trust, named after Malema’s five-year-old son, at the Office of the Master of the High Court in Pretoria five weeks after taking up the youth league presidency.
The farm that Malema has on occasion admitted he owns, a 3.5 hectare smallholding outside Polokwane, bought for R900 000 in cash in June last year, is also registered under the trust fund, the report says.
Malema tried to have the newspaper gagged yesterday but his application for a court interdict to stop the publication of the report was dismissed.
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.

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Posted 306 days agozwelinapster
africa2011
Posted 306 days agoSiiinudeity
Your 'observations' will have you believe that every white person in South Africa 'owns a trust fund'. Also that every single white person owns a mine and a farm?
Julius is a public figure, like it or not. After the yl election, julius is speaking like he's president of the country. Then you want us to know he's a public figure. But when his finances come into light, then suddenly he's not a public figure.
I open myself up to SARS for a lifestyle audit. Ive got nothing to hide.
Unlike julius.
Beelzebub
Let's get something straight. The PUBLIC PURSE is not for enrichment. Through kickbacks on TENDERS your hero has enriched himself. He has stolen money that should have been used to better the lives of South Africans, especially black South Africans.
Some people are born with high IQ's, and are deemed to be intelligent. Some people are born with low IQ's, and are deemed to be dumb. However, in my view stupidity is a choice that one makes. You ignore the fact that Malema is a fraud and support him solely on the basis that he is black than you are choosing to be stupid.
GotterdammerungSA
You have not adressed the issues postulated in the article - same as what your hero has apparently tried
Broad sweeping statements such as "all whites have trustfunds" is a fallacy and the worst type of insult to the populace of this country
Malema IS a public figure with political aspirations and as such will be scrutinised whenever he opens his barndoor sized yap and utter something silly such as he is "pro-poor". Horse manure, he is in it for himself and nobody else. If you do not posses the EQ to distinguish this from the usual drivel he usually utters then good luck to you
Well done City Press - this is why the ANC wants PIB and MAT
BenMarema
GotterdammerungSA
Actually the De Beers story was headline from last night until about 7 this morning.
And you are going to see a lot more of it - Big mining houses getting rid of their SA holdings at any price due to the threat of nationalisation by this selfsame character who apparently got caught with his arm in the cookie jar.
And what exactly is the Government going to do since they cannot reasure these companies that mining will not be under threat as has happened in the rest of Africa? And nationalisation is on the cards no matter who says what - it is the African political way.
So ask yourself this queation - if your house is about to repossesed will you spend thousands on renovating it?
RobertSetlhare
I think it is pathetic that people like you find excuses in everything to blame the White man or find stupid reasons to play the race card when a public figure's credibility is put in question. Sure he has stepped on some people's toes (white, yellow, brown, black, pink or even red, colour of the toes does not matter) who might be "out to get him" but that does not mean he is innocent nor does it mean he is guilty, that is for the courts to decide.
I grew up in an African country with next to zero racial issues compared to South Africa and I don't see how the colour of his skin exempts him (Malema) or any other public figure from be questioned when his lifestyle exceeds what he supposedly earns. I think that is how the rest of the world identifies people who MIGHT be into something illegal.
Let me ask you this, if all of South Africa was one race and Malema was a politician/public figure who stepped on some toes and seeming to live way beyond his means, would that not raise questions of where he got his money?
kh'allawaya
GreenRoom
Say for instance Julius' funds came from the Kremlin at R2M or more monthly . As long as it was declared and tax was paid , we have no real saak . What he should of course do is take a leaf out of Tony E's book and give 50% to charity .
But when he drive R1.5M Landy's , Hyundai Tucson's etc , wears breitling watches and expensive Armani suits , flies up and down , goes up and down on white trash at sushi parties , trust me he's preparing the country for the Sino/Russian take over and new colonialists where he has been promised a decent well paid job .
But Julias is too thick - he will be chewed up and spat out by his new Sino Chinese colonial masters , just as soon as he has outlasted his usefulness
concerned.citizen
"Suppose that every day, ten men go out for beer and the bill for all ten comes to R100.
If they paid their bill the way we pay our taxes, it would go something like this:
The first four men (the poorest) would pay nothing.
The fifth would pay R1.
The sixth would pay R3.
The seventh would pay R7.
The eighth would pay R12.
The ninth would pay R18.
The tenth man (the richest) would pay R59.
So, that's what they decided to do.
The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. "Since you are all such good customers," he said, "I'm going to reduce the cost of your daily beer by R20." Drinks for the ten now cost just R80.
The group still wanted to pay their bill the way we pay our taxes, so the first four men were unaffected. They would still drink for free.
But what about the other six men, the paying customers?
How would they divide the R20 windfall so that everyone would get his fair share?
They realized that R20 divided by six is R3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer.
So, the bar owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.
And so:
The fifth man, like the first four, now paid nothing (100% savings).
The sixth now paid R2 instead of R3 (33% savings).
The seventh now pay R5 instead of R7 (28% savings).
The eighth now paid R9 instead of R12 (25% savings).
The ninth now paid R14 instead of R18 (22% savings).
The tenth now paid R49 instead of R59 (16% savings).
Each of the six was better off than before and the first four continued to drink for free. But once outside the restaurant, the men began to compare their savings.
"I only got a Rand out of the R20, "declared the sixth man. He pointed to the tenth man, "but he got R10!"
"Yeah, that's right," exclaimed the fifth man. "I only saved a Rand, too. It's unfair that he got ten times more than I!"
"That's true!!" shouted the seventh man. "Why should he get R10 back when I got only two? The wealthy get all the breaks!"
"Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!"
The nine men surrounded the tenth and beat him up.
The next night the tenth man didn't show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!
And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, don't protect them against crime, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.
FOR THOSE WHO UNDERSTAND, NO EXPLANATION IS NEEDED.
FOR THOSE WHO DON'T UNDERSTAND, NO EXPLANATION WOULD EVER BE POSSIBLE!!
A quote from a very clever man.....
BobbyBob
vatiekakie
Posted 306 days agozwelinapster
Posted 306 days agoWell done, City Press.
Lesheshela
Posted 306 days agoBaas_Frik
Posted 306 days agoMzungu
Posted 306 days agoclearly a case for the HAWKS.
Malema, contractors, government employees, politicians, you name it, are ALL involved and you, even if you try, can go around a criminal syndicate here.
On top of that, it seems to be the Modus Operandi for the ruling repressive government tenderpreneurs, which makes it a matter of NATIONAL INTEREST, as it points to a NATIONAL CRIMINAL SYNDICATE that is bringing the well being and security of South Africa in DANGER.
Fact.
Holding(?) our breath for reactions of the powers that can stop this.
v_3
fuzzypip
Posted 306 days agoMzungu
Posted 306 days agoshould read:
"can NOT go around"
Beelzebub
Posted 306 days agoI don't know who is more stupid, Juju who seems to believe that his blatant materialism would not be noticed or the extremely gullible fools that swallow his lies.
boereseun
Posted 306 days agowombat
Posted 306 days agoGotterdammerungSA
Posted 306 days agoBaas_Frik
Stompie_se_Paai
Baas Frik ...why don't you just tattoo yourself Black, huh?
Bonganani
Shubbz
Posted 306 days agoramirez
Posted 306 days agoBonganani
Posted 306 days agoBaas_Frik
GotterdammerungSA
This boy wants to be a public figure and if not City Press then it would have been somebody else but his dirty little secret would have ben outed eventually
Have to agree with Baas Frik - nicely bent moral compass you have there
mcritic
Posted 306 days agoI would not be surprised if the main contributor to the fund is in Harare - the loot from the diamond field and the billions stolen previously and in foreign bank accounts would make a payment of say $5 000 000 a small price to pay for getting support.
Come now Timeslive - you must make a study and determine where the millions of Malema is really coming from and tell us the real facts of the story/
After all money is not paid into Trust Accounts for love and charity and there must be some real skullduggerry going on here.
robocop
When there is a comment"This country is going to the dogs or blah blah blah" I always know it's a white person. Most of you whiteys are unpatriotic racists who are longing for the past that will neva come back!!! even your name says it all"baas", how pathetic.
also raise a stink in white business that is the most corrupt of them all!!!
Stompie_se_Paai
Baas Frik is a Coloured person from Kimberley ...and all those blogging here for years, know it!
He will always run down White people whenever he can. He is just very jealous that he is not White...
:)
kh'allawaya
...and what is your opinion on Malema's crookery exposed?????........
Shoel'Ace
Posted 306 days agoJacob Zuma is much older than you Julius. He is finished with you now. And is OFF to Mbalula.
robocop
a coloured would not say this country is going down like whiteys do, i refuse to believe that he is coloured for reason that coloureds know that we were there in townships when everything was dark and gloom. only whiteys think we're going down bcos they were pampered like poodles and now that they are not, everything is going down.