South Africa: Former Deputy Finance Minister Jabu Moleketi Rails Against Bantu Holomisa Allegations

Former deputy finance minister Jabu Moleketi and his colleagues on Tuesday rejected UDM leader Bantu Holomisa's claims that their businesses have received questionable funds from the PIC.

Former deputy finance minister Jabu Moleketi has questioned UDM President Bantu Holomisa's motives for suggesting he and his colleagues may have used their influence at the PIC to access funding while working in the private sector.

Moleketi, who served as PIC chairperson while he was deputy finance minister between 2004 and 2008, on Tuesday told the PIC Inquiry that Holomisa's testimony was "spurious, damaging and self-serving" and "a little devious".

"His motives are obviously ulterior. We all know that elections are coming in a month's time," said Moleketi, without speculating further.

Holomisa has called on the inquiry to investigate potential impropriety between the R2-trillion asset manager and three companies linked to Moleketi - Harith Fund Managers (HFM), Harith General Partners (HGP) and the Lebashe Investment Group.

HFM was established in 2007 with almost R22-million in seed funding from the PIC to manage the first Pan-African Infrastructure Development Fund (PAIDF), which raised $630-million to back infrastructure projects across the continent. According to Moleketi, the loan was paid in full.

HFM was founded by former...

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