CAPE TOWN – The Public Investment Corporation (PIC) on Tuesday fell into another controversy after allegations emerged that non-executive director Sibusisiwe Zulu allegedly approved transactions worth about R6 billion for her live-in partner, Lawrence Mulaudzi.
Zulu – who is a niece of former ANC treasurer-general and Cooperative Governance and Traditional Affairs Minister Zweli Mkhize, and an acting judge in the KZN High Court – is said to have used the proceeds of this deal to start her lavish lifestyle, splurging on a multi-million-rand mansion in the coastal Umhlanga Ridge suburb and on luxury vehicles.
In email correspondence that Business Report has seen, Zulu asked that the allegations be probed by an independent investigation for verification. Zulu was not immediately available for comment, despite a numerous attempts to reach her via cellphone.
In one of the deals, as widely reported by various online media yesterday, Mulaudzi was allegedly paid R100 million for facilitation, of which R40m was allegedly paid to Zulu and Mkhize. Zulu is said to have used Mulaudzi to benefit from transactions that she approved in the committee she chaired.
She had the power to approve up to R2bn without the board’s consent.