Did Julius Malema Benefit From VBS Scandal? Parliamentary Committee Reaches Dead End

South Africa’s Joint Committee on Ethics and Members’ Interests has closed its investigation into allegations of unethical financial conduct against Economic Freedom Fighters (EFF) leader Julius Malema regarding the Venda Mutual Bank (VBS) scandal. The committee said in a statement on October 2, 2023, that it was unable to reach a conclusion on Malema’s involvement in the scandal due to a lack of evidence. The Financial Intelligence Centre (FIC), which investigates suspicious financial transactions, had declined to provide the committee with financial intelligence on Malema’s transactions. The investigation began in October 2019 after EFF MP John Steenhuisen accused Malema of breaching the Code of Ethical Conduct and Disclosure of Members’ Interests. Steenhuisen alleged that Malema had benefited from VBS funds through Mahuna Investments, a company he is associated with, and failed to disclose these benefits in his declarations of interests. The committee summoned the liquidator of VBS to provide a report on the movement of funds in the scandal. The report revealed that Sgameka Projects, a company that has ties to Malema, had transferred R4.8 million to an ABSA bank account owned by Mahuna Investments. However, the report did not provide any evidence that Malema personally received any of this money.