×

We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

In the wake of disclosures this week that finance minister Nhlanhla Nene previously met the controversial Gupta family, a report has found that his son was involved in securing a Public Investment Corporation (PIC) investment while his father was still chair of the corporation.

The Mail & Guardian and amaBhungane reported on Friday that Siyabonga Nene asked the PIC to fund part of a deal between a company he ran with business partner Muhammad Amir Mirza — Indiafrec Trade and Invest — to acquire 50% of S&S Refinery LDA in Mozambique in 2014. Later in 2014 a new company owned by Mirza, called Zaid International, was mentioned in the deal, while Siyabonga Nene’s name and Indiafrec fell away. A referral fee of $1.7m (R18.5m at the time) from the PIC was later paid to Mirza’s company. Zaid International is registered as a United Arab Emirates free-zone company, and those are typically tax free and opaque...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.