Nene's involvement with son's business dealings questioned
JOHANNESBURG - Finance Minister Nhlanhla Nene has been pulled into the orbit of a questionable investment by the Public Investment Corporation in Mozambique, after it emerged that a business partner of his son scored millions of rand in the deal.
The Mail & Guardian and ‘amaBhungane’ reported yesterday that the PIC had invested almost a billion rand in a Mozambican oil refinery after a company in which Siyabonga Nene and his business partner Muhammad Amir Mirza are named as directors introduced the possible investment to the PIC in February 2014 - while Nene Sr was chairperson of the PIC board.
Nene Jr and Mirza's company, Indiafrec, were not named as the PIC's investment partner, although Mirza in his personal capacity was roped in to become a major shareholder, along with the PIC.
The PIC paid a company owned by Mirza a "referral fee" of R18.5m, held in an offshore account in the United Arab Emirates. In addition, the PIC - represented by Dan Matjila as its chief investment and later chief executive officer - later helped negotiate an exit package from the refinery for Mirza to the value of $3.3m, according to the Mail & Guardian and ‘amaBhungane’.
EXPOSED: Finance Minister Nhlanhla Nene.