Lebashe considers R4m lawsuit against Holomisa

Lebashe Investment Group directors are reportedly considering a R4 million lawsuit against United Democratic Movement leader Bantu Holomisa for allegations suggesting that the BEE company allegedly used the Public Investment Corporation funds to enrich themselves.

While at the commission on Tuesday, one of Lebashe’s founders Warren Wheatley said the company intended to take legal action against Holomisa for millions in legal fees spent defending their name against his allegations.

“It’s very difficult to quantify in money the losses we have incurred and continue to suffer as a result of Mr Holomisa’s unrelenting campaign against us, especially the cost of lost opportunities due to the [damage] to our reputation, which is critical in the financial services arena.

“We shall nevertheless pursue the claim for damages we have instituted and by way [of] confirmation of an interim interdict in due course.”

Whitley put the amount at about R4 million speaking to Independent Media on the sidelines of the commission, and added that the figure could increase if factors such as legal costs of the commission and other claims were added, The Star reported.

Whitley said Holomisa’s claims were baseless, damaging, and had resulted in the company having to spend time reassuring clients, customers, and bankers that the allegations lacked merit. The same allegations had even affected his friends and family, Whitley continued.

Although the Mpati commission of inquiry into the PIC heard that no money was ever used to fund Lebashe during cross-examination of Holomisa by Lebashe lawyers, Holomisa maintained that a BEE cartel of executives had easy access to PIC coffers, and repeated to the commission his allegations of looting sprees against public pensions by the cartel of PIC beneficiaries.

Former PIC head of corporate finance Jabu Moleketi, whose testimony was on Tuesday, told the commission that Holomisa’s allegations were motivated by an attempt to slander Lebashe directors rather than seek the truth.

“I believe that there is an undeclared motive. If someone genuinely seeks to find the truth, they do not go to the media and insult people and then come to the commission and pretend to be seeking the truth.

While cross-examined on allegations of a conflict of interest with relation to former directors and employees of the PIC, Moleketi also dismissed accusations that he played a part in a BEE cartel which had access to PIC funds.

Holomisa has tasked the Mpati commission to investigate mismanagement at the state entity and stated there remained a select few beneficiaries who appeared to have easy access to the PIC’s resources.

(Compiled by Gopolang Chawane)

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