15 March 2019

South Africa: Nhlanhla Nene Urges EFF to Produce 'Incriminating' PIC Dope


The former finance minister, Nhlanhla Nene, has invited EFF leader, Julius Malema, to produce information about claims that his family benefited from the Public Investment Corporation and says the timing of those allegations smacks of payback for placing VBS Mutual Bank under curatorship.

Nhlanhla Nene returned to the State Capture Commission to answer questions arising from a series of damaging media and social media reports that surfaced around the time of his testimony before Justice Raymond Zondo five months ago.

Nene testified on 3 October 2018 amid a storm following allegations that the Public Investment Corporation had funded businesses linked to his son, Siyabonga.

Nene was chairman of the PIC in early 2014 when a company, Indiafrec, then associated with his son, approached the government pension fund manager for cash to buy a stake in Mozambique's S&S refineries.

While Nene junior later exited the deal, the PIC subsequently acquired a significant stake in S&S and paid Siyabonga Nene's former partner, Muhammad Mirza, an R18-million referral fee.

Nene denied the allegations or that he had influenced the deal, but resigned days later as the country's finance minister - this was after confessing at the State Capture Commission to having lied initially...

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