'Malema could lose everything'

Julius Malema’s assets could be repossessed and auctioned off to pay his R16 million debt to SARS.

All Julius Malema’s assets could be repossessed and auctioned off to pay his R16 million SARS debt. Picture: Taurai Maduna/EWN

JOHANNESBURG - Former African National Congress Youth League (ANCYL) leader Julius Malema could be on the brink of losing all his assets.

The City Press newspaper is reporting that papers have been filed in the North Gauteng High Court to have Malema sequestrated.

The report says Malema would be meeting with his lawyers on Thursday to decide whether or not to oppose the sequestration application, which is set to be heard on 27 February.

South African Revenue Service (SARS) obtained a court judgment against Malema for being in arrears with his taxes amounting to R16 million.

In September, Limpopo businessman Lesiba Gwangwa, who is a close Malema ally, had his assets seized due to unpaid taxes.

The court papers paint Malema as a man who is factually insolvent and in no position to settle his debt with SARS.

The City Press said if the application goes unopposed or succeeds, all of Malema's properties will be placed under curatorship and then auctioned off.

Meanwhile, the National Prosecuting Authority (NPA) revealed that a Limpopo farm belonging to Malema and Gwangwa was also seized after detectives found that it was bought with illegally-acquired funds.

Malema is facing money laundering charges together with Gwangwa and fellow colleague Kagisho Dichabe.

NPA spokesperson Medupe Simasiku has also revealed that money transferred to Malema's Ratanang Family Trust, which is named after his son, has also been frozen.

He said money in the account totalled R3.9 million from four separate deposits made.

Simasiku said investigations into alleged corruption committed by the former youth leader and his associates could uncover even more irregularities.

Between January 2009 and December 2011, nearly R6 million was paid into Malema's Ratanang Family Trust.

Malema faces 51 counts of corruption, money laundering and racketeering.