Malema's millions: New book a jaw-dropping exposé of power, patronage, and hidden wealth

Cape Talk's John Maytham speaks to Micah Reddy – journalist and Africa coordinator at the International Consortium of Investigative Journalists (ICIJ), and Pauli van Wyk – financial crime investigator and journalist.

Listen below:

"A jaw-dropper."

That's how Maytham has described the new book penned by Reddy and Van Wyk about Economic Freedom Fighters' leader Julius Malema.

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In 'Malema: Money. Power. Patronage' the pair research and reveal how Malema has leveraged his growing political clout to bankroll his party and amass a personal fortune.

And just how much is that fortune? Van Wyk says it's difficult to put a specific number on it...

"What we can quantify so far is that acquisition value of his properties would be north of R21 million... we know there's been extensive renovations on those properties, [meaning] the value is around double now, so around R40-R50 million."

– Pauli van Wyk, Financial Crime Investigator & Journalist

But Malema's fortune isn't only resting in bricks and mortar, explains Van Wyk.

"We know there's a lot of cash swirling around," she says.

"His children are in really, really good schools... he dresses really well, far better than most people in the WORLD, not even South Africa."

– Pauli van Wyk, Financial Crime Investigator & Journalist

For example, R50 000 for a pair of shoes, R70 000 for a suit, designer labels, offers Van Wyk.

Van Wyk's co-author of the book agrees – there's no shortage of Malema money... but adds that over the years, the EFF leader has become skilled at hiding money through complex methods.

"His politico-business empire is sprawling and quite complex."

– Micah Reddy, Journalist & Africa coordinator - International Consortium of Investigative Journalists (ICIJ)

"As he became more adept at melding business and politics, he got better and better at concealing money in quite elaborate ways."

– Micah Reddy, Journalist & Africa coordinator - International Consortium of Investigative Journalists (ICIJ)

One way, says Reddy, is by using his relatives to 'front' various bank accounts.

"When we have a snapshot of the accounts, money is churning through there, huge amounts in a relatively short period of time."

– Micah Reddy, Journalist & Africa coordinator - International Consortium of Investigative Journalists (ICIJ)

The book uncovers details about Malema’s past controversies in Limpopo, many of them scandals that have largely faded from public memory.

It also delves into the VBS scandal and follows the trail of funds looted from VBS Bank, linking the money to both Malema and Floyd Shivambu.

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