Bantu Holomisa during his testimony at the Public Investment Corporation Commission of Inquiry in Pretoria last month. Picture: Jacques Naude African News Agency (ANA)
Bantu Holomisa during his testimony at the Public Investment Corporation Commission of Inquiry in Pretoria last month. Picture: Jacques Naude African News Agency (ANA)

Bantu Holomisa submits letter to #PICInquiry's Advocate Lubbe

By Ayanda Mdluli Time of article published Jul 8, 2019

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Johannesburg - UDM leader Bantu Holomisa has written a letter (dated 8 July 2019) to the Mpati Commission of Inquiry evidence leader, Advocate Jannie Lubbe, for use on the day that former Public Investment Corporation (PIC) chief executive, Dan Matjila, provides testimony. 

Matjila is currently testifying before the commission.

The letter was prompted by email correspondence from Lubbe to Holomisa on Saturday, 6 July, informing him that he may be implicated.  However, in the letter, Holomisa claims that a whistleblower has come forward with information that Matjila received a loan of R2.5 million from the now-defunct VBS Mutual Bank.

Since February, the PIC Inquiry has heard numerous testimonies that have implicated various politicians, executives and businesses as to impropriety at the PIC. Speculation has been rife that Matjila’s testimony would focus on how political interference at the R2 trillion asset manager contributed towards the rot and gross mismanagement.

According to another whistleblower James Nogu, politicians such as Zweli Mkhize, Paul Mashatile, Nhlanhla Nene and Mondli Gungubele are implicated in questionable transactions involving major companies.  

Nogu also referred to a number of politically-connected relatives such as Mkhize’s niece, Sibusisiwe Zulu, who also happens to sit on the board of the PIC. Matjila told the commission that he would later make submissions as to why the chairperson the PIC should never get involved in any PIC investment transactions.

“This is important to remember when considering the allegations against Mr Nene in the S&S Refinery matter and more recently, Deputy Minister Mondli Gungubele’s involvement in the Edcon transaction that I will deal with later,” he explained.

In the letter to Lubbe, Holomisa raised concerns that he may be implicated in evidence to be submitted by Matjila.

“I wish to inform the Commission about (the) information that has been provided to me by a whistleblower regarding an alleged forensic review report (dated 15 April 2019) (‘the report”), as commissioned by the PIC board, from Nexus Forensic Services regarding a VBS Mutual Bank investment transaction.

Holomisa alleges that Matjila, together with the PIC’s former chief risk officer Paul Magula and the head of legal Ernest Nesane, received loans from VBS Mutual Bank. The allegations about the loans to the latter two have been widely reported in the media.

“Matjila has never declared a VBS Mutual Bank loan allegedly extended to him, to the value of R2 456 761.66, as required, which may constitute a conflict of interest and even possible criminal conduct.

“In terms of the conditions of the loan, it is allegedly unclear whether the loan was intended to ever be repaid, or whether it is/was, in fact, being repaid. The only way to establish the veracity of this allegation is to scrutinise the dates of disbursement and repayment,” reads Holomisa’s letter.

Holomisa added: “If there is any truth in these allegations, it raises serious concerns about Advocate Terry Motau SC’s report called: ‘The Great Bank Heist’. Why did Advocate Motau’s report omit Dr Matjila’s alleged loan, especially given his position as PIC CEO?”

“Lastly and with respect, given the information the whistle-blower has imparted to me, I wanted to establish whether the Commission is aware of this alleged report and if not, could the Commission make an enquiry into obtaining the said report to assist in its investigation.”

Holomisa wrote a letter to President Cyril Ramaphosa last year requesting him to institute a commission of inquiry into impropriety within the PIC.

However, Holomisa came under fire when it was revealed during cross-examination that most of the allegations raised, did not have enough evidence to back them up and left it up to the commission to investigate and obtain evidence.

* This is a developing story...

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