Elections merchandise deal leaves businessman R46 million out of pocket

Johannesburg businessman Viveshen Naidoo claims he was defrauded of R46 million by Ghanaian-born UK citizen Frederick Kevin Borde-Kuofie, who allegedly sought political favour by supplying political parties with T-shirts and paraphernalia ahead of the 2024 general election.

Through his Hyde Park-based HSFC Financial Services, Borde-Kuofie placed orders for nearly half-a-million ANC T-shirts and smaller campaign orders for Build One South Africa (Bosa).

A large set of banners, gazebos, and other merchandise for the Umkhonto weSizwe party (MK) was scrapped when Borde-Kuofie failed to provide funds.

Naidoo said he pushed for payment of the lucrative order as production deadlines loomed.

“Borde-Kuofie blamed the South African banking system, claiming racism played a role. He said it was delayed because he was black,” Naidoo said.

“He kept saying if we were in London, it would work like clockwork.”

‘No cent’

However, by the time the goods were ready, no money had materialised.

“I had stock being delivered to ANC branches countrywide. I had to deliver. It would have been worthless after the polls.”

Desperate to recoup his costs, Naidoo eventually secured an IOU, validated by Borde-Kuofie’s attorney.

“I told him I didn’t want a personal IOU; I wanted it stamped by his attorney,” he said.

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“I got the paperwork, but I haven’t seen a cent.”

‘It all seemed legit’

Borde-Kuofie allegedly conducted business from luxury hotels, including The Hilton in Sandton, where Naidoo was introduced to him by a mutual business associate, Segren Naidoo.

“Segren said he funded political parties, mainly the ANC,” Naidoo said. “It all seemed legitimate.”

The deal was so promising that Naidoo took Borde-Kuofie to manufacturing sites in Durban to show him the production process.

“He saw the factory, the printing process, the bales of fabric and everything was on-site. He was happy,” Naidoo said.

After repeated failed attempts to get paid, Naidoo laid fraud charges at the Sandton South African Police Service (Saps) and an active case number exists.

When confronted by law enforcement, Borde-Kuofie allegedly shifted blame.

“He told them I wasn’t the real supplier, just a broker overcharging him,” Naidoo said.

No comment

Borde-Kuofie ignored media queries for a fortnight but later promised an interview in the presence of his lawyers. It never happened.

A business associate of Borde-Kuofie’s, James Ramage, also refused to answer any questions about Borde-Kuofie telephonically and did not respond to e-mailed questions, either.

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Sigrid Naidoo, who facilitated the deal at the front end, refused to comment.

There are active complaints against Borde-Kuofie lodged at the Saps.

Chad Thomas from IRS Forensic Investigations, the agency appointed to investigate the matter, found the allegations troubling.

“Beyond nonpayment, Borde-Kuofie allegedly used fake financial documents to deceive suppliers. This fits an advance fee fraud model.”

Thomas also questioned Borde-Kuofie’s motive.

“It appears he sought political favour by pretending to sponsor millions of rand’s worth of campaign merchandise, possibly hoping for government deals.”

He compared it to Taiwanese-born Jen Chih “Robert” Huang, who funded ANC T-shirts in 2009 and later secured state contracts.

Bosa denies contact

Bosa spokesperson Roger Solomon denied much contact with Borde-Kuofie.

“The person in question directed us to a supplier during the elections. We’ve never had any engagement, nor any T-shirt donation received directly from him. A small donation of paraphernalia was received from the supplier.”

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He also denied allegations that Bosa leader Mmusi Maimane arranged a meeting for Borde-Kuofie with Deputy President Paul Mashatile last year.

The ANC did not respond to questions by the time of going to press.

In Frederick Kevin Borde-Kuofie’s words

The Citizen first approached Frederick Borde-Kuofie on 7 February with a list of questions.

On 11 February, he was asked whether he would be responding or not.

Seven days later, he wrote back and said that he would “happily provide a full response after completing discussions with my lawyers.

“I have forwarded all your questions to them. I am extremely anxious to provide a full response to correct the falsehoods and defamation of character, so I’ll come back to you before the end of this week,” he said.

When reminded of his commitment on 21 February, he responded that while The Citizen was free to publish any time, “any real and meaningful research will reveal a lot of lies, falsehoods and defamatory stories relating to this issue”.

He said legal action was being contemplated and he was awaiting advice from his lawyers.

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He said he would “have no objection to a face-to-face interview in the presence of his lawyers.

He committed to “revert ASAP” with a possible meeting time and venue.

On 24 February, he messaged to advise that his attorneys would send a list of conditions for the interview, despite it being against their advice.

“I have decided to give an interview to expose the lies, falsehoods and defamatory stories being circulated in an attempt to exhort funds from me,” he said and added: “To prevent further efforts to undermine my safety and security, my lawyers will not agree to your photographer attending and/or taking pictures.”

Yet, two days later, Borde-Kuofie admitted he has not paid for legal representation.

“We have 2 law firms working on this matter. Both require a retainer before undertaking the task ahead. The retainers will be paid within the next few days and then the date will be set for some time next week. In the meantime, I am completing your questionnaire to enable the law firms to better understand the issues of interest to your publication.”

Throughout the correspondence, Borde-Kuofie also insisted that he was being victimised as a foreigner.

The last The Citizen heard from Borde-Kuofie was on 27 February.

“I am now actually looking forward to setting the record straight. This story is very, very different to what you expect.”

He went silent after that.

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