PRETORIA – The Lebashe Investment Group has strongly refuted and expressed disappointment with the allegations made by United Democratic Movement (UDM) leader Bantu Holomisa, describing them as unfounded and reckless.
The UDM leader was testifying before the Commission of Inquiry into the Public Investment Corporation (PIC) on Wednesday, led by Justice Lex Mpati.
Holomisa told the commission that Lebashe reportedly obtained a loan from the PIC for rapid expansion, with said loan having reportedly already repaid. “This may raise questions regarding the basis for the PIC granting a loan to Lebashe when key former PIC individuals are controlling and owning Lebashe. The value of the loan is unknown.”
Lebashe said in a statement that its dealings with the PIC were above board and in line with the relevant corporate governance regulations. “In the interest of transparency, we previously stated that we are willing to provide access to Holomisa or any other interested South African regarding our dealings with the PIC.”
Holomisa made the same allegations in the Pretoria High Court last year. After Lebashe addressed the allegations, Judge Tlhapi, in a written judgement ruled in Lebashe’s favour and declared Holomisa’s allegations to be unfounded remarks as no evidence to support the allegations were submitted to the Court.