Public Investment Corporation (PIC) has been slapped with a multi-million rands lawsuit all courtesy to its CEO, Dr. Daniel Matjila, for illicitly facilitating and authorizing a R1.1bn oil deal to a non-operational Mozambican S&S Oil Refinery.
This big time corruption at PIC, an organisation solely responsible for managing a sum of R1.8 trillion of South African government employee retirement funds was so obvious, owing to a systematic ploy framed under the infamous Project ‘Spider Web’. This project was a racist initiative taken by the SA whites way back in 1994 to keep their stronghold over the entire South African economy even through the post-apartheid era, and Johann Rupert has been the biggest funder of the project since then. The CEO of PIC, Dr. Matjila, being nicknamed ‘The Iron Master’ in the Project ‘Spider Web’, has been an integral part of this initiative.
PIC Invests illicit R1.1 billion in non-functional S&S Oil Refinery
S&S Oil Refinery, into which PIC has illicitly invested $83 million (R1.1 billion) is owned by Momade Rassul Rahim who was arrested on 29th June 2017 and is currently in custody facing an assortment of serious charges including money laundering, illicit enrichment, tax fraud, foreign currency manipulation, smuggling and misappropriation. The earlier reports suggested that a figure of $63 million were expected to be laundered, but according to fresh data, the figure has crossed R1.1 billion i.e. $83 million.
This laundered money had been made through a series of payments to Momade’s organisation: firstly an amount of $35 million was paid as term debt which was followed by another payment of $28 million as equity sharing. Further, PIC advanced $10m to increase its shareholding in S&S Oil Refinery upto 70%. Another $10m (guarantee facility) was advanced to S&S, apparently to obtain raw materials from Indonesia, bringing a total to $83m (~R1.1 billion). This total amount was pocketed by Momade Rassul.
PIC – S&S Oil Refinery Deal Negotiator Ameer Mirza Faces Matjila’s Deception
Matjila has previously revealed that the PIC had also paid a facilitation fee to a company called Indiafrec Trade & Investment (Pty) Ltd, whose listed directors are Indian-born Ameer Mirza and Siyabonga Nene regarding the cracking up of PIC – S&S Oil Refinery deal.
Siyabonga Nene’s father Nhlanhla Nene was the finance minister when the PIC made the investment. According to sources, Mirza’s lawyers, Barry Aaron and Associates, have sent Matjila a letter of demand dated 12 July 2017 which contains the explosive details of how Matjila manipulated the deal in favour of Rassul and to the disadvantage of Mirza, who introduced Matjila to Rassul.
In his letter of demand, Mirza details out how at a meeting attended by others such as Matjila, PIC official Roy Rajdhar, Rassul and his wife at the Protea Fire & Ice Hotel in Centurion opposite PIC offices, Matjila with the assistance of Rajdhar manipulated the negotiations regarding Mirza’s settlement amount and persuaded him to reduce his initial negotiated settlement of $10 million (~R131 million) to $3.3 million (~R43.2 million). Of this amount the PIC only paid Mirza $449 184 (~R5.9 million). It is the outstanding balance of $2 850 816 (~R37.3 million) that Mirza’s lawyers have given Matjila to settle within seven days, a deadline which has since expired. Now, Mirza’s lawyers are planning to approach the Johannesburg High Court to force the PIC to pay what they insist is due to their client.
In A Nutshell
A scandal of such stature being undertaken by PIC CEO Dr Daniel Matjila points out to one thing – ‘The Iron Master’ is fulfilling the vision and mission of the ‘Project Spider Web’ under the strict instructions of Johann Rupert. It seems to be just the initiation of such corruption. Now. time would be the witness of many more future atrocities of #WMC.
This story is inspired by the exclusive news at Weeklyxpose dated 26th July, 2017. Click here to read the full expose.