‘State capturers’ target forestry company

De Wet Potgieter, editor of The Lowvelder, says individuals linked to the state capture network and the Guptas have zeroed in on the profitable stateowned South African Forestry Company (Safcol), which sits on world-class forests and timber assets in the eastern part of the country worth more than R6 billion.

As in the case with Eskom, SAA, SABC and other stateowned enterprises, powers in the dark have also been at work to usurp the powers and functions of Safcol in attempting to grab its capital expenditure and procurement processes to enrich a few.

An investigation by The Lowvelder has indicated that:

Safcol was targeted from 2010, when Malusi Gigaba became minister of public enterprises. The parastatal’s board was undermined

Capable executives were forced out of the company after they would not agree to certain contracts to politically connected individuals.

Despite the company getting better audit ratings than Eskom, its management was subjected to intense attacks by Lynne Brown, after she took over as minister from Gigaba.

Former managers with the company recall hearing that a “group in Saxonwold” would choose the board.

The executive committee was summoned to a meeting with Regiments Captial, whose main consultant was Eric Wood, who later moved to the Gupta-linked Trillian Capital.