Not long after, the new consortium – Kilimanjaro Sakhumnotho – made a binding offer to Tosaco. City Press tried to speak to Shezi, but Mulaudzi said he was unavailable and all questions should be directed to him.ĭays before the final bid was made, the consortium changed again when a new partner, Sakhumnotho, came into the deal. The change in shareholding ultimately increased TheMan’s stake from R61.2 million to R122.4 million. However, on July 10, Shezi’s stake was inexplicably doubled when Pather and Mulaudzi transferred some of their shares to Shezi’s TheMan Investments. Share registers show that when Kilimanjaro initially approached the PIC, he and Pather each held 31.5% of Shira, while Shezi held just 10%. ![]() Matjila declined to comment on most of the detailed questions City Press sent through, but said the Kilimanjaro bid was put through all PIC’s internal processes and – despite Holomisa’s allegations regarding a lack of scrutiny – the bid had been subject to “thorough due diligence”.Īlthough there is no trace of Shezi’s involvement in the deal in publicly available records, share registers provided to City Press by Mulaudzi show that he holds his stake through a company called Shira Holdings. However, this is contradicted by various sources, including Mulaudzi himself.Ĭity Press understands that by early June, Matjila had already informed Tosaco that the PIC was interested in giving Kilimanjaro Capital 100% of the funding necessary to buy their shares in Total. In a written response, PIC chief executive Daniel Matjila said “the consortium approached the PIC after being awarded the status of being the preferred bidder”, which was only in early August. The PIC denies that they had any involvement at this stage. However, Mulaudzi claims theirs was not the only consortium the PIC was negotiating with. It is not clear why the PIC did not bid directly for the shares but chose to work through a middleman. Standard Bank and Nedbank offered us term sheets – the PIC said they could not give us term sheets until we were selected as the preferred bidder, but they gave us an expression of interest.”Īlthough Kilimanjaro Capital was only registered in February last year, it asked the PIC to fund 100% of the acquisition.Īpart from Mulaudzi, Kilimanjaro Capital’s directors included businessman Kinesh Pather, MD of the politically connected Bataung Group. ![]() ![]() City Press’ investigation raises several red-flags the Public Protector may wish to consider:ĭuring mid-2015, a company called Kilimanjaro Capital approached the PIC with a request for funding to acquire a 25% stake in Total’s South African operations from its BEE partner, Tosaco.Ĭonsortium chairperson Lawrence Mulaudzi said: “We approached the PIC, Standard Bank and Nedbank.
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