- The EFF has revealed it will be launching an investigation into allegations that Nhlanhla Nene’s son received R900 million from the PIC
- The former finance minister quit in dramatic fashion on Tuesday after he admitted to meeting with at the State Capture Inquiry that he had met with the Guptas despite previously denying the meetings
- The EFF threatened to reveal Nene’s deep, dark secrets if he did not resign and now it seems as if the party is not quite done with the Nene family
The Economic Freedom Fighters (EFF) has revealed it would investigate and go-after former finance minister Nhlanhla Nene’s son, Siyabonga Nene, over allegations that he and his business partner benefitted from the Public Investment Corporation (PIC).
Siyabonga Nene and his business partners are believed to have received a whopping R900 million for introducing the PIC to a profitable investment opportunity. The deal dates back to when Nhlanhla was serving as deputy finance minister and chairperson of the PIC.
In a statement, the EFF said Nene’s various shenanigans were being exposed by the media and it was clear that he had helped his son to benefit from PIC. The statement said Nene’s claims of ignorance regarding his son benefiting from the PIC was disingenuous, insulting and based on an assumption that South Africans are stupid.
Briefly.co.za gathered that Nene resigned on Tuesday after a tumultuous week in which he admitted to the State Capture Inquiry that he had met with the Gupta family despite numerous previous denials about these meetings.
eNCA.com reported that the EFF was pleased with Nene’s resignation as finance minister which it had been advocating for since last week. Despite this perceived victory the EFF are not quite done with the Nene family.
The EFF want an in-depth probe into the alleged R900 million deal between the PIC and Siyabonga Nene, his company and business partner.
Sowetanlive.co.za reported that Nene and his partner approached the PIC with a request for partial funding of a deal which to acquire a 50% stake in a Mozambican palm-oil refinery company.
EWN.co.za reported that the PIC paid a R18 million referral fee to Nene’s company but he was later omitted from the eventual deal because his business partner had engaged with the PIC through a separate company.
The PIC now owns a 75% stake in the Mozambican refinery. Siyabonga said he had never used his family connection to secure the deal or the referral fee. Nhlanhla only learned about the deal after he and his son had a casual chat.
It was after this when Nene claims to have asked his son to remove himself from the deal. Nene told the State Capture Inquiry that the deal had been completed by the PIC on the basis that it made sound financial sense.
Nene said the PIC had completed all of its due diligence checks before committing to the deal. The PIC said it was standard practice in the industry to pay a referral fee and there was nothing untoward about the fee or the deal.
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