Former PIC executive tackles Holomisa’s PIC inquiry claims

The chairperson of Lebashe Investment Group and chief executive officer of Harith General Partners, Tshepo Mahloele, is in the hot seat on Tuesday to provide his testimony to allegations made against Harith Fund Managers, Harith General Partners, and Lebashe Investment Group by United Democratic Movement leader Bantu Holomisa.

The Public Investment Corporation (PIC) inquiry continues on Tuesday with Mohloele taking the stand.

On Monday, Lebashe’s defence, Danny Berger, cross-examined Holomisa and told the inquiry that his testimony lacked sufficient evidence to claims he made that Lebashe unlawfully benefitted from the PIC.

Berger, who has accused the UDM leader of using the inquiry for his own agenda, asked Holomisa if Lebashe and Harith got involved in a looting spree when they changed their names. Holomisa responded to say it was the inquiry’s task to establish that.

Holomisa maintained he did not have access to statements and documents from the companies. The inquiry was asked by Holomisa’s lawyer, Tembeka Ngcukaitobi, to make Lebashe statements and documents available to Holomisa. Ngcukaitobi argued that it would be putting Holomisa in a difficult situation, having to answer questions with limited information.

Judge Lex Mpati ruled that documents would be provided as and when they became available and not before.

The inquiry adjourned with Ngcukaitobi saying they would wait for evidence leader advocate Lubbe to cross-examine Lebashe directors before they decided to apply for cross-examination.

Today, Mahloele, the former PIC executive, outlined how he went about leaving the PIC and how Harith funds were established.

The inquiry heard how Harith Fund Managers was set up in 2007 to manage investments of Pan African Infrastructure Development Fund. Harith General Partners was later set up to raise money.

Staff and assets were migrated from the first fund to the second, to which Holomisa pointed out that the transfers were irregular.

Mahloele said the two companies were initially registered with the intent for one fund to be the fund manager while the other meant to hold shares of staff in the fund. A trust was then established to hold employees shares, which was the reason Harith General Partners was dormant until 2012.

He submitted to the inquiry that he was tasked to implement the PIC’s BEE strategy when he was an executive. Asked if Harith money was ever used to fund Lebashe, an allegation made by Holomisa, he responded no.

The inquiry continues.

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