Puzzle of youth boss and R5.4m home loan
House bought with help of Indian bank — that doesn’t give bonds
MYSTERY surrounds a multimillion-rand Bank of India bond given to ANC Youth League president Collen Maine last year to buy a mansion in a posh Pretoria East suburb.
A month after he was elected unopposed at the youth league conference at Gallagher Convention Centre, Midrand, in September 2015, Maine bought the R5.4million home in Woodhill Estate.
Maine, who has defended the Gupta family amid allegations that it has undue influence on President Jacob Zuma and cabinet ministers, had the house registered in his name on December 15.
Deeds office records show that Maine was granted a R5.4-million bond by the Bank of India. But the bank does not offer home loans and says it deals only with corporate investments.
The State Bank of India, which does offer home loans, did not respond to questions about how a South African could qualify for one.
Maine told the Sunday Times this was a private matter and he had no obligation to reveal which bank had offered him the loan.
“It is bonded by the bank . . . that is a private matter. I approached a bank, a bank gave me a loan,” he said.
When pressed to explain if he had received any assistance to get a loan from a bank that did not offer them, he said: “I don’t need assistance from anybody. Banks don’t work on influence; they are not politically linked.”
According to several Luthuli House sources, Maine — local government MEC in North West before he was elected youth league president — earns just less than R30 000 a month. “It is extremely unlikely that the ANC could have matched his MEC salary,” said one source.
Maine told the Sunday Times he could afford repayments on a R5.4-million bond because of his private businesses. “I have got my other things that I do privately which have nothing to do with government tenders. I have not stolen any money,” he said.
In his declaration of interests when he was an MP between 2009 and 2014, Maine said he was a director of Mokone Mokgoloko Consulting, Mokone Mokgoloko Projects, Southern Ambition 285, Sekukune Trading, and Sign and Seal Trading 193.
According to a company search, all except Mokone Mokgoloko Projects are being deregistered.
Maine has defended the Guptas on various occasions and called for Mcebisi Jonas to be disciplined by the ANC after the deputy finance minister confirmed that the family had offered him a promotion to the National Treasury’s top job.
Maine has also been reported as saying that he does not believe the Guptas have influenced the ANC.