to Lebashe Investment Group, Harith Fund Managers and Harith General Partners in his testimony.
The PIC has a 46% stake in Harith Fund Managers, and in 2006 extended seed capital of R17m for the establishment of the firm, which Moleketi says has since been paid in full."The establishment of Lebashe occurred eight years after I resigned as deputy finance minister," he said on Tuesday."My involvement in Lebashe has absolutely nothing whatsoever to do with my earlier position in government or in either Harith entities," he said.
"I deny and take exception to the description of being a 'PIC operative' that Mr Holomisa has assigned to me and others," said Moleketi, adding that claims by Holomisa that the PIC investment in Harith exposed pensioners to unnecessary risk were false.Instead, Moleketi said the PIC had"benefited handsomely" from its association with Harith.
Daniel Berger, SC, who is representing Moleketi, previously told the commission that Harith Fund Managers was set up in 2007 to manage the investments of the Pan African Infrastructure Development Fund. Harith General Partners, meanwhile, was established a few years later to raise money for a second fund, the Pan African Infrastructure Development Fund 2.
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