Money and Markets

Tokyo Sexwale appears to have fallen for a scam so stupid even QAnoners rejected it

Business Insider SA

News analysis

Tokyo Sexwale at a FIFA Congress in Switzerland, i
Tokyo Sexwale at a FIFA Congress in Switzerland, in 2016. (Photo by Mike Hewitt - FIFA/FIFA via Getty Images)
  • Tokyo Sexwale seems to have been the victim of a scam, says the SA Reserve Bank about bizarre allegations the magnate made.
  • But not just any scam.
  • The "White Spiritual Boy Trust" Sexwale apparently referenced has come up in the Qanon world, where some conspiracy theorists still believe Donald Trump is essentially a superhero.
  • Even adherents of that school of thought didn't fall for "leaks" pointing to $3 trillion sitting in a Standard Bank account – as part of a $600 trillion stash of cash built up by the Illuminati.
  • For more stories go to

Over the past couple of years, the followers of the fringe conspiracy movement QAnon swallowed some pretty extraordinary claims, such as that Donald Trump is fighting mind-controlling Satanists who secretly rule the world.

But even they stopped short of falling for the "evidence" that the Illuminati has built up a stash of $600 trillion worth of cash, of which more than $3 trillion was kept in South Africa, in a Standard Bank account.

Apparently the same can not be said for magnate and one-time presidential hopeful Tokyo Sexwale. 

Late on Monday afternoon the National Treasury and the SA Reserve Bank (SARB) issued a joint statement to deny – somewhat testily – explosive claims by Sexwale that billions of rands earmarked for the poor had been stolen. The implication was that the two institutions had been, if not actively involved, then at least negligent in allowing the money to disappear.

"Allegations of theft of non-existent funds have no validity," said the SARB and Treasury.

Sexwale had told interviewer JJ Tabane that billions of rands meant to fund free education and help the poor and been transferred into South Africa by a powerful foreign family, then stolen.

In their statement, the SARB and Treasury provided a noteworthy detail, saying they had "previously received correspondence from Mr Sexwale and many others that alleges that billions of rands have been stolen from a fund that has been referred to as the ‘White Spiritual Boy Trust’ and which was set up by a foreign donor."

A trust with that unusual name featured in QAnon discussions in March 2020 that folded together various previous conspiracies and scams into a grand narrative of global domination and secret financial war. In typical QAnon fashion it is confused, self-contradictory, and at times barely intelligible. Simplified, the relevant part of it goes something like this: the Illuminati gathered a war chest of $600 trillion, but has or is in the process of losing control over it, possibly to the anti-conspiracy behind Donald Trump. Of that, $3 trillion is on deposit with South Africa's Standard Bank, with some flowing through First National Bank too.

Standard Bank and the White Spiritual Boy Trust
One of the pieces of "evidence" circulated in conspiracy-theory circles about the White Spiritual Boy Trust, with a South African twist.

Among the many eyebrow-raising parts of the tale, the amount claimed on deposit with Standard Bank exceeds – by around seven times – the total of all assets held by all South African banks collectively.

Those sorts of numbers were hard to swallow even for the anonymous denizens of discussion site 4Chan, and boards where  obvious outrageous QAnon lies found fertile ground. The "evidence" was obviously doctored, and poorly so, some pointed out. The supposed flow of money made no sense, technically or logically, others said, and the tidal waves its passage would cause in the global financial system would be impossible to hide.

Also, nobody labels a billion-dollar account with a name such as "White Spiritual Boy Trust", said one discussant.

The general consensus was, at the time, that the Democratic Party in the United States is definitely a vehicle for pedophiles, that only Donald Trump could save the world from the global financial cabal that runs it, and that the White Spiritual Boy Trust is a poor fake.

Apparently Sexwale was not part of that conversation.

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