RUSTENBURG - Traditional leader of Bakgatla Ba Kgafela in Moruleng outside Rustenburg, Kgosi Nyalala Pilane, knew of the financial strains at the Bakgatla Ba Kgafela Strategic Investment Company (BBK SIC), the Maluleke Commission heard on Thursday.
He said in July last year there was an indication that BBK SIC was heading into financial problems and a plan to retrench more than 1500 employees was put in place.
BBK SIC was reportedly in R300 million debt, Pilane said he expected the BBK SIC to recover from the loss.
"The process of restructuring is currently in place. It is a plan and that depends on how fast it goes. It is still in place, but it depends on investments. People may be interested but would take their time to sign up," he said.
Retrenched employees were still waiting for their salaries since July 2017.
Commission chairperson Advocate Sesi Baloyi expressed concern over the unavailable financial records.
She said she was curious over the missing financial records detailing how R81.2 million was used from traditional council funds.
"If its true that such records don't exist we inevitably need to say that money was not properly spent. I am curious that there are records that deal with money spent. That means this is a problem for the traditional council," she said.
Pilane said he could not comment on the missing financial records as he has no recollection of how it was accumulated. He sad the money might have not been paid in one lump sum.
The money as explained at the commission was used between 2013 and 2016.
The Maluleke Commission is probing the succession dispute of the chieftaincy of Bakgatla-Ba-Kgafela in Moruleng.
The commission is investigating whether David Mpule Pheto is the rightful candidate to lead the Moruleng chapter of Bakgatla Ba Kgafela.
Former North West premier Supra Mahumapelo appointed Judge George Maluleke to chair the commission.
Retired judge Maluleke died in August 2017, before the commission could finalise its works and Baloyi has since taken over as the chairperson of the commission.
African News Agency(ANA)