EFF leader Julius Malema has rejected reports by online publication, Daily Maverick, that he benefited handsomely from the R16m looted from VBS Mutual Bank.

Daily Maverick’s investigative unit – Scorpio – made the claims in an article entitled “VBS Theft, Money Laundering & Life’s Little Luxuries: Julius Malema’s time of spending dangerously”. It said over R10-million was paid into Mahuna Investments – a company linked to Malema’s cousin, Matsobane Phaleng.

This is alleged to have happened between 2017 and 2018.