A recent Daily Maverick investigation examined transactions from an alleged State Capture era 'slush fund', suggesting that the fund benefitted ex Transnet and Eskom boss Brian Molefe. Our second instalment looks at the millions of rand in cash deposits that flowed into Palcocap (Pty) Ltd's bank account, raising the question of whether Molefe or someone close to him handled the unexplained funds, and whether the money came from the infamous Gupta family.
An alleged slush fund linked to Brian Molefe received the bulk of its substantial cash "earnings" through deposits at ATMs located near properties that the former Eskom and Transnet boss owned at the time.
Daily Maverick's months-long investigation into the Palcocap account also reveals that cash deposits at ATMs near Eskom's Johannesburg headquarters drastically increased only after Molefe's move to this state-owned enterprise (SOE).
Daily Maverick's first instalment in this two-part series dealt with several payments, or outflows, that link Molefe to the Palcocap account. For instance, we revealed that Palcocap had allegedly bankrolled Molefe's swanky wedding in 2016, among myriad other payments allegedly made for Molefe's benefit.
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The focus now shifts to the inflows. We'll unpack the roughly R11-million in cash deposits Palcocap received in its FNB account between November 2013 and July 2018.
Our analysis of the Palcocap inflows offers compelling evidence. The data betrays a remarkable physical proximity between those ATMs that were most frequently used to pay cash into the Palcocap account and Molefe's properties and places of work.
We made several efforts to obtain Molefe's comment, but he did not respond.
Palcocap's director also ignored our requests for comment.
Gupta links
Brian Molefe, the...
