South Africa - Pretoria - 15 April 2019 - Director of Harith General Partners Tshepo Mahloele testifies at the Public Investment Corporation(PIC) Commission of Inquiry in Old Council Chambers, Sammy Marks Building, Pretoria. Picture: Karen Sandison/African News Agency(ANA)

Tshepo Mahloele, director of Harith Fund Managers, Harith General Partners and Lebashe Investment Group, on Tuesday, submitted to the Commission of Inquiry into alleged improprieties at the Public Investment Corporation (PIC) that he was tasked to implement the PlC’s BEE strategy. 

"I concluded a total of R13 billion worth of transactions between 2003 and 2006. I also put in place a new strategy for the lsibaya Fund which achieved a 45% return for the 2003 / 2004 financial year and a 40% return for the 2004/ 2005 financial year. 

"On 11 November 2005, in a Memorandum prepared by me and signed by Mr Molefe (see pages 7 28 of exhibit 3). The PIC requested a mandate from the GEPF to invest an amount of $250 million, equating to R1.65 billion, in the Pan-African Infrastructure Development Fund (PAIDF). The memorandum set out the rationale, basis and proposed trajectory of the PAIDF. 

"The PlC’s Management Executive Committee identified me (I believe) as the best candidate for the job of establishing the PAIDF, on the strength of my performance record and expertise whilst employed by the PIC. With effect from 31 March 2006, I resigned from the PIC with 'the specific task of establishing the PAIDF, outside of the PIC and indeed of all institutions in which Government had a stake. My resignation was not a ‘secondment’," said Mahloele.