United Democratic Movement (UDM) president Bantu Holomisa has written an explosive letter to President Cyril Ramaphosa, accusing prominent business people of being involved in large-scale corruption at the Public Investment Corporation (PIC). This is the third letter Holomisa has written to Ramaphosa on the alleged corruption at the fund manager of the Government Employees Pension Fund. The document, published on the UDM’s website, details how prominent individuals, some with strong links to the government and the ANC, had allegedly unscrupulously received billions of rand in funding from the PIC.
Several of the transactions involved associated black economic empowerment groups that the PIC has funded. Among those named was the prospective empowerment partner of EOH, Lebashe Investment Holdings. The news was another blow to EOH’s share price, which ended the day 5,7% down. The share has lost 78% of its value over the past year, weighed down by questions over its integrity and ...
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