S.Africa Opposition Calls Bank Fraud Claims 'madness'

South Africa's radical opposition EFF party said on Tuesday that fraud claims against a top leader were politically motivated to discredit it ahead of crunch polls due in 2019.

Johannesburg, (UrduPoint / Pakistan Point News - 16th Oct, 2018 ) :South Africa's radical opposition EFF party said on Tuesday that fraud claims against a top leader were politically motivated to discredit it ahead of crunch polls due in 2019.

The far-left Economic Freedom Fighters (EFF), led by Julius Malema, is embroiled in a row raging around the collapse of the VBS Mutual bank which has particularly hit poor and rural clients.

A central bank probe into the failure said $130 million (112 million Euros) was stolen over three years and named EFF deputy president Floyd Shivambu's brother as a beneficiary.

The report, titled "The Great Bank Heist", described the bank as "corrupt and rotten to the core".

It implicated 52 other individuals as well as Brian Shivambu who is an active member of the EFF, South Africa's second largest opposition party in parliament.

Malema, whose has put fighting corruption at the forefront of its pitch to voters, distanced the EFF from the scandal in a two-hour media briefing at the party HQ in Johannesburg.

"The EFF has not been mentioned in any wrongdoing," said Malema, accusing the local media of seeking to undermine the party.

"Its intention is to discredit the EFF and make sure the EFF loses support in the 2019 election."