Blow to Moti Group's plans for Zimbabwe lithium plant as Chinese partner cuts stake | Business

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The Moti Group has said a Chinese company with which it planned to develop a $1 billion lithium processing plant in Zimbabwe is halving its stake in the venture, dealing the project a potential blow. | News24_Business

Mogajane is a former director general of South Africa’s National Treasury who has been tasked with restructuring the Moti Group as its founder, Zunaid Moti, steps back from active management.

Moti has been tied to a number of scandals and told Bloomberg this year that his reputation was hindering the company’s progress. He spent five months in a German jail in 2018 and 2019 after being arrested on an Interpol diffusion notice issued by Russia in connection with the alleged theft of a pink diamond. In 2012, he was charged with conspiracy to commit murder before the case was thrown out of court.

He is no longer subject to a notice from Interpol, and said he was arrested improperly on bogus charges engineered by a disgruntled businessman. Mogajane is the chairperson of South Africa’s Government Employees Pension Fund, which has R2.3 trillion under management. He’s also a board member at the New Development Bank, a multilateral lender founded by the BRICS group of countries. In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.

 

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