19 March 2019 - 19:49The inquiry into the Public Investment Corporation on Tuesday questioned the fund manager's advisory fee payments to a firm linked to former finance minister Nhlanhla Nene's son.
The S&S deal had been introduced to the PIC in October 2014 by businessman Amir Mirza and Siyabonga Nene, the son of Nhlanhla Nene, who was deputy finance minister at the time. As deputy finance minister, Nene was also the chairman of the PIC. Siyabonga Nene and Mirza were business partners in a company called Indiafrec Trade and Investment Pty Ltd.
His interest in the project waned after the PIC notified Indiafrec that it could not fund the company because the PIC’s empowerment rules did not apply to investments outside of SA, Masekesa testified. All three commissioners questioned how the PIC could pay advisory fees when the “advisers” were the owners of the businesses being invested in.
ermbates Damn! Kade kudliwa!
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