A South African newspaper says the ruling party's youth leader has a “secret fund” he is using to finance a lavish lifestyle.

The City Press says Julius Malema is the sole trustee and main beneficiary of the “Ratanang Family Trust,” created in 2008 after Malema became head of the ANC Youth League.

Malema is known for his calls to nationalize South Africa's mines and has stated in the past that he is poor.

But the paper, citing what it called well-placed sources with knowledge of Malema's financial dealings, said the trust is a vehicle to fund Malema's lifestyle. It says banks and businessmen regularly deposit thousands of South African rands into the account.

One source told the paper he paid 200,000 rand, or almost $30,000 into the trust after Malema helped him secure a government contract.

The City Press says Malema refused to answer of any of its questions apart from denying that the trust is used to receive bribes.

The newspaper reports Malema has used the fund to build a church and buy a farmhouse. South African newspapers have said Malema also is building a new house for himself at a cost of $2.3 million.

Sunday's report came out after a judge dismissed a last-minute legal effort by Malema to block publication.

At a hearing Saturday, Malema's lawyer denied that payments into the fund were bribes, calling them “contributions” for various causes.