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Geoffrey Qhena, chief executive of the Industrial Development Corp (IDC), is a quiet man doing a big job. I remember him quietly putting some critic or other down a few years ago by explaining patiently through a reporter that the IDC is a big investor in the JSE, and its investments there are one of the ways it makes money. So, no, he seemed to want to say, thank you so much for your revolutionary zeal but we don’t really need you to burn down the JSE. Not now.
As far as I can tell, only once has Qhena obviously been leant on. That was when he allowed the IDC to invest about R250m in the Gupta family’s uranium mine, which it called Shiva. Back then the Guptas could pull practically any loan or tender they wanted from the state. The looting project that became State Capture was still young and full of energy. But those days are over.
I don’t know what the R250m was spent on. As far as I know Shiva has never produced any uranium under the Guptas. Still, the family continued to servic...
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