• All Share : 49643.48
    UP 2.02%
    Top 40 : 3823.83
    UP 1.16%
    Financial 15 : 15149.30
    UP 2.71%
    Industrial 25 : 60581.04
    UP 2.63%

  • ZAR/USD : 11.0441
    UP 0.85%
    ZAR/GBP : 17.6225
    UP 0.57%
    ZAR/EUR : 13.8038
    DOWN -0.16%
    ZAR/JPY : 0.0982
    DOWN -1.29%
    ZAR/AUD : 9.6799
    UP 0.93%

  • Gold : 1165.5500
    DOWN -2.88%
    Platinum : 1222.5000
    DOWN -1.57%
    Silver : 15.9650
    DOWN -3.33%
    Palladium : 782.5000
    UP 0.97%
    Brent Crude Oil : 85.070
    DOWN -1.36%

  • All data is delayed by 15 min. Data supplied by I-Net Bridge
    Hover cursor over this ticker to pause.

Fri Oct 31 17:03:14 SAST 2014

Malema using Ratanang Family Trust for own benefit: report

Sapa | 09 December, 2012 10:08
Expelled ANCYL president Julius Malema has allegedly been using the Ratanang Family Trust for his own personal benefit, according to a forensic audit report.
Image by: MIKE HUTCHINGS / REUTERS

Expelled ANC Youth League president Julius Malema allegedly used the Ratanang Family Trust for his own benefit.

The Sunday Independent said almost R6 million 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 "R5.7 million 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.

SHARE YOUR OPINION

If you have an opinion you would like to share on this article, please send us an e-mail to the Times LIVE iLIVE team. In the mean time, click here to view the Times LIVE iLIVE section.