karoo - sovereign risk gone!

Found this article on another thread. May not have been seen as an sp negative for PEN, but good to have Malema out of the picture.

In case you don't know Malema was a leader of the ANC Youth party, and was advocating for the nationalisation of South Africa's mining assets.


Cape Town - The noose is tightening around beleaguered ANCYL leader Julius Malema, who is already facing disciplinary action by the ANC.

The Hawks confirmed in Saturday that they were investigating fraud and corruption charges brought against Malema by the rights organisation AfriForum.

AfriForum opened the case in July after it was reported that Malema had a trust fund for deposits from business people.

The organisation's CEO, Kallie Kriel, said at the time the complaint was laid in accordance with the Prevention and Combating of Corrupt Activities Act.

The act deals with corrupt activities relating to receiving or offering of unauthorised gratification.

"If a person's lifestyle is disproportionate to a known income, then it warrants an investigation. We want police to have a look at it," he said.

"We can't have people that use political contacts to enrich themselves at the cost of the poor."

Commenting on the Hawks' announcement, Kriel told Nuus24 on Saturday that AfriForum was still providing police with information.

The City Press newspaper earlier reported that Malema was the sole trustee of a secret family trust, registered in the name of his five-year-old son, which he allegedly uses to finance his lavish lifestyle.

In another move which might sink Malema's political aspirations, Public Protector Thuli Madonsela will investigate the awarding of tenders by the Limpopo government to On-Point Engineering, a company linked to the ANCYL leader.

"She will investigate the conduct within the state entities that led to the awarding of the tenders," said Kgalelelo Masibi, a senior manager in the protector's office.

The SA Revenue Service is also said to be investigating Malema.