[ad_1]
By Loyiso Sidimba 
2h ago
JOHANNESBURG: A witness told the State Capture Investigation Commission that he knew about the firing of former Finance Minister Nhlanhla Nene by former President Jacob Zuma six weeks before it was announced.
Former Trillian Financial Advisory CEO and whistleblower Mosilo Mothepu testified Thursday that his former boss and alleged Gupta lieutenant Eric Wood informed him of Nene’s impending firing on October 26, 2015.
Nene was fired by Zuma on December 9, 2015 and replaced by General Treasurer of the Umkhonto weSizwe Military Veterans Association and ANC MP, Des van Rooyen.
“He didn’t tell me who the new finance minister would be,” Mothepu recalled.
According to Mothepu, Wood assured him that the new minister would be more flexible and would approve various transactions, including the nuclear deal and hybrid debt capital plans for state entities that Nene was reluctant to give the green light to.
At the time, Wood was a director and shareholder in Gupta-related company Regiments Capital.
She said Wood gave her a document for her safekeeping that detailed their plans for the new minister as he was “mismanaged.”
Among their 12-point plan of projects they wanted the new minister to approve was the establishment of a national black bank to ensure state-supported black industry, a national black insurer for short-term requirements, and a national black life insurer .
Mothepu said Wood also wanted to introduce subordinated debt for Transnet and Eskom as they had the highest financing requirements and a lot of debt on their balance sheets.
He said the hybrid debt capital plan was slightly more expensive and risky.
Wood, Mothepu explained, had set an ambitious goal of raising 50 billion rand to finance bank debt, a move that would make him and his company pocket 1% of that figure, or 500 million rand.
The commission continues.
Political Bureau
[ad_2]
