Newly obtained bank records and related documents link Brian Molefe, the uMkhonto Wesizwe party's newly elected treasurer, to an apparent 'slush fund' that paid for multiple overseas trips, a swanky wedding and other lifestyle expenses during the State Capture years. Daily Maverick unpacks the Molefe-linked Palcocap account, which received millions of rands in mysterious cash deposits around the time of Molefe's infamous visits to the Guptas' Saxonwold compound.

A months-long Daily Maverick investigation, supported by bank statements and other pertinent records, sheds light on an apparent "slush fund" that allegedly helped ex-Transnet and Eskom boss Brian Molefe pay for a range of lifestyle expenses.

Palcocap (Pty) Ltd, a company that received millions of rands in mysterious cash deposits during the State Capture years, helped pay for Molefe's swanky wedding in 2016, among other questionable transactions. The wedding expenses were covered with some of the unexplained cash deposits.

Molefe, once celebrated as one of the country's brightest CEOs before his widely reported entanglement with the State Capture project under former president Jacob Zuma, has continued a career in politics with the uMkhonto Wesizwe (MK) party. Molefe served as an MP from August 2024 until earlier this month, when he became the party's treasurer.

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Daily Maverick will detail several suspicious Molefe-linked payments made from the Palcocap account between November 2013 and July 2018, a period during which Molefe would have been receiving a salary from either Transnet or Eskom. He left Eskom in January 2017 after then-Public Protector Thuli Madonsela implicated him in suspicious dealings with the Gupta family.

A follow-up report will analyse more than R11-million in unexplained cash...