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The EFF party leader reportedly stole 2 billion from VBS Mutual Bank

Nearly 2 billion rands was  allegedly stolen by the EFF party leader Julius Malema and nearly 50 corrupt people benefited from that crime. It is hypocritical that the EFF leaders have been pointing fingers at president  Cyril Ramaphosa for the same crime they are also guilty of committing. 

South Africa has lost R1.5 trillion to corruption between 2014-2019 and continues to bleed. Our elected leaders continue to steal from the youth, poor, sick, widowed, disabled  and elderly. The EFF laundered money to different companies, some which belonged to their family members and friends. 

After the VBS Mutual Bank was drained and their services came to a halt. 15 municipalities were impacted by the VBS bank, mainly in the Limpopo province. The majority of the accounts that were looted belonged to stokvels, burial societies, pensioners and educational investments; leaving the vulnerable people who trusted the VBS bank in dire poverty and hopelessness.

Imagine having a loved one pass on and you being unable to bury them because there is no money in the burial society account or saving educational money for years for your child only to be met with the heartbreaking news that the money was pickpocketed by the corrupt leader of the EFF.

Furthermore, those who benefited from the looting live extravagant lifestyles while the country is sinking deeper into poverty.  How much more of our people’s future must the corrupt unethical lawless leaders steal for the people of South Africa to realize that Julius Malema is also in this for money, power and gain.


Following the charges that were laid in 2018 against 53 people who were implicated in the VBS money heist, only a few perpetrators have been arrested. Those accused face 188 counts of racketeering, corruption, fraud, theft and money laundering.

The consequence of the heist is that the municipality is unlikely to get that money back, which means they are unable to deliver basic needs  such as water supply, completion of hundreds of RDP houses and cannot reimburse losses of the invested money.

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