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Sat May 26 06:18:53 SAST 2012

Malema's secret trust fund revealed

Times LIVE and Sapa | 24 July, 2011 10:34
ANC Youth League president Julius Malema
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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vatiekakie

Posted 306 days ago
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juju is a trust fund baby
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zwelinapster

Posted 306 days ago
I notice you are usually the one to comment first under most articles which up until then have been blocked for comments. Are you a TimesLive employee, deployee or plant?

africa2011

Posted 306 days ago
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One thing that surprises me is once someone says something against the rich minority in SA they are vilified. After Malema spoke about Nationalisation and other social issues which are affecting SA he became the bad man. It was inevitable that there will be massive accountability that he would go through unfortunately which some very rich white minority people never go through. How many people have trust funds in SA who are actually in government offices or are accountable to the public. No one has ever gone to SARS to ask about the legitimacy of some of the trust funds. I shall ot mention names but one thing I have observed is nearly every white family has a trust fund. In South Africa every black rich man is associated by corruption and illegal money. Most white people here are taken as if they have genuine money all the time. Media rarely takes the audacity to report, maybe newspapers wont sell if they have news about a white corrupt family in public office. I just feel this media stunt of being one sided and sensational about such news creates more polarisation and division among the people. With the Gini Coefficient getting larger and larger we will see where all this will go. Black people will support their own, including Malema because he speaks to their needs even if he is rich. I why people would not want Malena to speak to poor people if he is not rich. In this world its the rich who help the poor how different is Malema from all those rich people. White people will always find corruption in all black leaders. White is pure and always legitimate. Black is corrupt and always illegal.
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Siiinudeity

Posted 306 days ago
'I have observed is nearly every white family has a trust fund'

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.
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Beelzebub

Posted 306 days ago
Cheese and rice, I didn't even know that I had a trust fund. Thanks for telling me.

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.

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GotterdammerungSA

Posted 306 days ago
Your post has very little to do with the actual article and more to do with bringing race into the equation. You are trying to come across as Afrocentric but all you managed to do is signify yourself as a race obsessed bigot whom for some reason or other have to try an subvert the subject at hand.

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
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BenMarema

Posted 306 days ago
look africa2011, to work for some publications u must have a serious inferiority complex and u must be willing to naivley loath everything about yourself and dont even dare to be objective. there are some mantras that are repeated quite lamely here, if u ever notice, rich people of color have to be savaged, there can no good about them and they have no right to speak up for the poor, especially if they dare say lets share equally. even more blatantly inane, if u notice other stories that of prime importance for this country are underplayed and passed of as nothing, i saw what i think is a very grave story on the de Beers mine dumps, which the company is alledged to have withheld information from the governemnt on its mine and there is no comment section on that story, infact it's neatly tucked in a bottom corner of this site. these mines are located in areas were the people who live there are basically voiceless. i suppose the capitalist instinct behind that is to keep the naive masses entertained with stories on regular "bad boys" namely Malema, Cele and Floyd, whilst business goes on as usual. u'ld think, if Malema or Zuma had shares in De Beers then matters like that will get due prominence.
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GotterdammerungSA

Posted 306 days ago
@BenMarema

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?
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RobertSetlhare

Posted 306 days ago
I bet politicians from other African countries wish they had people like you rushing to their defence with the race cards whenever they are accused of corruption. He is holding a public office as such the public has the right to hold him accountable, if he has dealings going on, the people have the right to know if it is legal or not.

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?
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kh'allawaya

Posted 306 days ago
........there is no worse blind than the one who refuses to see.........Malema, the Pink Lion gets his money by fraudulent means while he preaches with hypocrisy about the poor...
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GreenRoom

Posted 306 days ago
Son , you are deluding yourself . I just happen to be a white grandaddy . I do not have any trust and neither do my friends . There is nothing wrong with having a trust , so long as your share of tax is being paid and the source of the funds are being declared .

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
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concerned.citizen

Posted 305 days ago
Here's a little bit of education for you and people like you who keep supporting corrupt blacks just because they are black. Support fat boy juju in all he does, his bid to nationalise mines, banks and expropriation of land, and this is what will become of our country:


"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.....

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BobbyBob

Posted 303 days ago
That is clearly not true. Legitimacy knows no colour.

vatiekakie

Posted 306 days ago
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there are thousands if not hundreds of thousands of blacks with trust funds and the media has never pursued them. Malema is a 'public' figure and so his life is up for 'pubic' scrutiny

zwelinapster

Posted 306 days ago
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Well done, City Press.

Lesheshela

Posted 306 days ago
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This is arguably the slowest site I have ever seen in the world.

Baas_Frik

Posted 306 days ago
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When you live in a glass house it is best not to throw stones. When will this Malema twit learn this lesson?

Mzungu

Posted 306 days ago
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CRIMINAL SYNDICATE:

clearly 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.
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v_3

Posted 306 days ago
Sorry, Mzungu, but the Whoreks are there to protect, not prosecute the politically connected.

fuzzypip

Posted 306 days ago
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Finally some insight into the finances of a public figure who pleads poverty at every turn yet lives a life of priveledge and oppulence that is at odds with his claimed income. What is wrong with scrutinising his financial affairs ? if all is in order and above board ,good for him. If not let justice take it"s course just like every other South African citizen is subjected too,irrespective of wether they are black or white.

Mzungu

Posted 306 days ago
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"can go around"

should read:

"can NOT go around"

Beelzebub

Posted 306 days ago
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Up to 45% on kickbacks from tenders ... this 'champion of the poor' pocketing money that should have been used to help the poor.
I 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 ago
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he gets so many kickbacks that he felt the need to open a trust hmmmm...

wombat

Posted 306 days ago
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Viva Kidi Amin viva!!! You lying thieving self entitled worst ever!!! You are using your position to enrich yourself, nothing else! I hope & pray you and 783 Zoomah get locked up for the rest of your natural lives. You claim to be a helper for the poor, but that is your thinly veiled façade! Scumbag!!!!!

GotterdammerungSA

Posted 306 days ago
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Make no mistake about it, when this festering sore gets opened up in public a lot of white faces who have the same morals as the Kebbles will be shown to be benefactors and contributors to this little slush fund
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Baas_Frik

Posted 306 days ago
I am afraid you are right.
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Stompie_se_Paai

Posted 306 days ago

Baas Frik ...why don't you just tattoo yourself Black, huh?


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Bonganani

Posted 306 days ago
Baas -Frik, since when did the likes of you care for the poor? You are just using the name of the poor to advance your own white prejudice. At least now we know who are the fat cats millking the public purse; before 1994 there was no spotlight on public officials. We could do nothing about governance. The poor do not need your Sympathy.

Shubbz

Posted 306 days ago
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It is important to understand that the basis for much of what is being "exposed" is sheer greed. Our wholehearted embracing of a economic system that is un-African, anti people needs to be revisited. Julius is a product of the system that encourages a "winner takes all" approach. It is not sustainable, will give short term wealth to a few and leave the rest behind. A simple recipe for another revolution. I think we need our own Tahrir Square. Watch this space...

ramirez

Posted 306 days ago
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People are loosing their cool, thieves like MALEMA &Co, will not survive for too long.Malema like whites who are syndicate bosses of RHINO poaching and other SCAMS are equally unwanted and must be locekd up!! South Africa is a beautiful country with endless opportunities. For us true South African Patriots we must not allow People who are at the wrong use us. If Malema is truelly BLACK will not be supporting JUB-JUB. JUB-JUB hurt families who their only hope hinged on the academic success of their kids, whom JUB-JUB have killed. When these peolple who are at the wrong side of the LAW will start claiming that they are accussed because they are black. When a lot of people sacrificed their lives was not for black to match white greed and materialism. It is so wonderful when someone ascend high echelons, through hard work and sheer business acumen. Malema is only BIG mouthed , he does not throughly understand Economics. True transformation is dependent on PRODUCTIVITY!!! Productivity will only occur if you have right skills in right places. I fear that someday MALEMA will be a Minister in our government...........SAD!!!

Bonganani

Posted 306 days ago
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Sorry comrade, they finally got you on this one. City press has been persistent in bringing you down. Their investigative journalism has been poor but when it comes to investigate issues related to Malema they take the scoope. One wonders whether there are no brown envelopes given to City press reporters by Malema political detractors. You should have seen it long coming broer, not unless you were basking under the false pretence that they will not get you. Malema will become a small fish to fray in a bigger political scheme of things. He was stupid not to cover his tracks.
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Baas_Frik

Posted 306 days ago
So Bonganani it is OK to steal from the poor you must just not get caught. What a nice sense of morals you have. I take it you speak for all comrades. No wonder the country is falling apart. Your brethren sits in all the top jobs seeing who can steal the most without being caught. What a lot of shameless jokers you are?
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GotterdammerungSA

Posted 306 days ago
I take it you wear a tinfoil hat as well and attend "Conspiracy R Us" meetings every other week?

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 ago
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Please do some real research and find out how much money was paid into this account from Zimbabwe. Remember Malema was anti-Mugabe and about a year ago he went on a visit and suddenly came out all out in rabid support of ZANU-PF - jeopardising the SA Government mediation roll.

I 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.
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robocop

Posted 306 days ago
@baas frik,

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!!!
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Stompie_se_Paai

Posted 306 days ago

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...

:)

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kh'allawaya

Posted 306 days ago
.....robocop...

...and what is your opinion on Malema's crookery exposed?????........

Shoel'Ace

Posted 306 days ago
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So long Juju. Heloo new ANCYL president in favor of JZ getting a second term.

Jacob Zuma is much older than you Julius. He is finished with you now. And is OFF to Mbalula.
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robocop

Posted 306 days ago
@stompie se paai,

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.