DM Scorpio: How a foreign company appropriated R500m of your UIF money

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Daily Maverick Scorpio: How a foreign company appropriated R500m of your UIF money

JOHANNESBURG - A new Scorpio investigation reveals how a foreign holding company’s shareholders pocketed more than half-a-billion-rand in public monies that the Unemployment Insurance Fund lost on a tanked investment in one of its subsidiaries.

Now, Daily Maverick's investigative Scorpio_ has tracked about R530 million of the UIF’s money back to Bounty Brand Holdings in the United Kingdom and unearthed how it was divvied up among shareholders in the weeks after it was received. Mulaudzi had a role to play in this deal too, having earned a R47.5m advisory fee from it - after which, Scorpio has reported, he paid nearly R6 million towards a townhouse bought by former health minister Zweli Mkhize’s family trust.

The report tracks how both these sums were channelled through a byzantine network of offshore entities linked to Bounty Brands and Cape Town businessperson Gary Shayne’s Coast2Coast Capital. Coast2Coast is Bounty Brands’ founder and equity partner. There was a string of intra-group transactions involving the two entities. R530 million was allegedly paid to the holding company within a week as dividends to the company’s shareholders.

 

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😂🤣😂🤣😂😂

South Africa 🤦🏾‍♂️

This country continues to be a joke at the expense of the youth coz everything that will be reconstructed, paid for, worked will all fall on the shoulders of the future. We should all be mad and then be on the move. I want you to get maaaaad!! You are a human being Gahddamnit!!

We are led by money lounderes🤷‍♀️🤦‍♀️

Hence it's poorly paid to the beneficiaries

'Bounty Brand Holdings in the United Kingdom' Must be nice to know the ANC in SouthAfrica....they keep people poor & hand over hundreds of millions to you For what? Do tell

This country is such a joke - Run by criminal syndicates.

I like the tone of mainstream media on dodgy and illegal Foreigners, we are making a good encounter towards realization that people are in the winning side against the few denialist

Uif still owes me money does one accept you will never see it?

PhalaPhalaGateFarm syndicates

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