Fin24

Malema paid cash for Sandton house

2011-07-31 12:39

Johannesburg - ANCYL leader Julius Malema paid more than half the R3.6m purchase price for a Sandton, Johannesburg house in cash, City Press reported on Sunday.

Malema has had the house demolished and now plans to build one costing millions more.

The previous owner, Ken Hollingsworth, told City Press Malema originally rented the house for R18 000 a month. He asked if he could improve the security, to which Hollingsworth agreed. In mid-2009 he indicated he wanted to buy the house. Malema then paid a cash deposit of R360 000.

"He had an Absa bond for R1.5m. The balance was paid in cash deposits into my account," Hollingsworth was quoted as saying.

According to an unnamed actuary quoted in the report, Malema would need to earn R123 000 a month to support his lifestyle. His only official source of income however is his ANC salary, apparently about R50 000 a month.

Previous reports have indicated he earns about R25 000 a month.

Last week City Press reported Malema was using the Ratanang Family Trust to receive money from politicians, businessmen, mayors and others, allegedly in exchange for facilitating government contracts. The league's officials have however denied this and said the trust was used to support various charities.

Civil rights group AfriForum subsequently laid a charge of corruption against Malema.

Hawks' spokesperson McIntosh Polela would not comment on a report in the Sunday Times that the police unit had asked for Malema's cellphone records and bank statements.

Polela told the newspaper the Hawks were trying to gather information to decide whether or not the investigation into how he funds his lifestyle should continue.

Comments
  • BraBob - 2011-08-01 00:38

    Poor man with a good credit rating..... He should take Gill Marcus's job.

  • 1nawty0 - 2011-08-01 10:15

    1)I am curious how did he get the cash amount of R2,100,000.00 (House sold for 3,600,000.00 less Bond of 1,500,000.00 from bank = 2,100,000.00 paid in CASH to previous owner) 2)Now he has destroyed the old house?? surely the bank would not allow that to happen, as that is the only security it holds for the loan....!! 3)I assume the underground bunker must then be an area for him store all the cash he is stealing from the poor (he can't put it in a bank)

  • jerry - 2011-08-01 14:06

    it is called helping yourself with other people's money (no,not stealing,well maybe, just a little though), otherwise, it is probably called INTRODUCTION FEES

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