Nene's in­volve­ment with son's busi­ness deal­ings ques­tioned

Observer on Saturday - - News - News24

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.

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