South Africa's President is also under pressure to step down after a damning ruling found him in violation of the Constitution.
South Africa's embattled President Jacob Zuma has dismissed as "preposterous" and "defamatory" allegations that he carried about USD 400 million to Dubai for the wealthy Gupta family.
"The Presidency rejects the preposterous and malicious allegation by Mr Julius Malema, the leader of the Economic Freedom Fighters, that President Jacob Zuma carried R6 billion to Dubai for the Gupta family.
"Mr Malema's allegation has no basis in fact," Mr Zuma's office said in a statement yesterday.
It noted that Mr Zuma had recently concluded "successful visits" to the Kingdom of Saudi Arabia and the United Arab Emirates to strengthen bilateral trade and economic relations between South Africa and the two countries respectively.
"Malema's allegations are both untruthful and defamatory. The Presidency reserves its rights in this regard," the statement warned.
Mr Malema had alleged last Thursday that Mr Zuma was recently in Dubai on a personal visit, dumping six billion rand (about USD 400 million) to the Gupta family.
With huge business interests in South Africa, the wealthy Gupta family, which reportedly keeps close ties with 73-year- old Mr Zuma, has been under fire recently for exerting undue influence on the South African government.
The Gupta family has rejected the accusation. Mr Zuma is also under pressure to step down after a damning ruling found him in violation of the Constitution.
The criticism comes after the Constitutional Court on Thursday found Mr Zuma in breach of the constitution for using public funds to upgrade his private home at Nkandla village.
Mr Zuma, who has long denied wrongdoing for the work valued in 2014 at 216 million rand (then USD 24 million), on Friday apologised to the nation for the misuse of public funds.