PIC board member Sibusisiwe Zulu welcomes probe

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Sello Theletsane & Solly Makganoto

JOHANNESBURG- The Public Investment Corporation (PIC) board member Sibusisiwe Zulu on Thursday said she “welcomed” the decision to probe allegations of impropriety leveled against her.

This is after the PIC announced on Wednesday that it would be investigating two non-executive directors over allegations of impropriety against them.

Responding to the email questions sent by Africa News 24-7 editor-in-chief, Steve Motale, Zulu said that the decision of the PIC board to conduct an independent investigation is most welcome.

“When I became aware of these spurious allegations of impropriety and irregularity against me, I immediately requested the board to conduct an independent investigation. I am pleased that the decision of the board is in line with my request.

It is in my professional interest that this matter is dealt with expeditiously as these allegations could negatively impact on my professional reputation. As a young black female professional, I am proud of the work that I have achieved in my various professional capacities. I have every intention to continue to make a contribution and impact. I remain undeterred,” said Zulu.

Read Sibusisiwe Zulu’s email response below:

———- Forwarded message ———
From: Sibusisiwe <sibusisiwe@me.com>
Date: Thu, 31 Jan 2019 at 09:45
Subject: Re: REQUEST FOR COMMENT
To: Steve Motale <stevemotale.africanews247@gmail.com>

Good morning Mr Motale. 

Hope ur well. Please see my response hereunder: 
“The decision of the PIC board to conduct an independent investigation is most welcome. When I became aware of these spurious allegations of impropriety and irregularity against me, I immediately requested the board to conduct an independent investigation. I am pleased that the decision of the board is in line with my request. It is in my professional interest that this matter is dealt with expeditiously as these allegations could negatively impact on my professional reputation. As a young black female professional, I am proud of the work that I have achieved in my various professional capacities. I have every intention to continue to make a contribution and impact. I remain undeterred.”
Regards,
Sibusisiwe Zulu

On 29 Jan 2019, at 12:09, Steve Motale <stevemotale.africanews247@gmail.com> wrote:

Good day Ms Zulu

My name is Steve  Motale, Editor-in-Chief of Africa News 24-7. We are writing a story on an email doing the rounds which levels serious allegations against you. It will give me pleasure if you can respond to the questions below before 4pm today(29 January 2019)

 

  1. Could you confirm if you are still an acting judge at the KZN High Court?

 

2.) How were you appointed an acting judge when you sit on the board of a financial services institution, would that not result in  a potnetial conflict of interest? 

 

3.) Could you confirm if you are in a romantic relationship with Lawrence Mulaudzi? 

 

4.) Did you declare this relationship with Mulaudzi? 

 

5.) Did you approve transactions for Mulaudzi to the tune of R6 billion?

 

6.) In the Total deal, it was alleged that Mulaudzi received R100 million, of which R40 million was paid to you and your uncle Zweli Mkhize, can you confirm of deny this?

 

7.) Is it true that you used your relationship with Mr Mulaudzi to benefit in schemes worth over R600 million in shares? 

 

8.) Is it true that you are close friends with Mondli Gungubele, the Deputy Finance Minister and Chair of the PIC? 

 

9.) Are you in the running to become the new Deputy Chair of the PIC? 

 

Regards 

The Public Investment Corporation (PIC) has announced on Wednesday that it will immediately conduct a forensic investigation following an e-mail from an anonymous whistleblower, James Noko, regarding allegations of corruption that implicate two of its board members and the acting Chief Executive Officer Matshepo More.

This comes after Africa News 24-7 broke the story yesterday, in which an explosive email sent by a “James Noko”, which also implicates Deputy Finance Minister Mondli Gungubele, claims that PIC board member Sibusiswe Zulu who is a niece of ANC NEC member and COGTA minister Zweli Mkhize approved transactions for her live-in partner Lawrence Mulaudzi to the tune of R6 billion.

“Having received an e-mail from an anonymous whistleblower, James Noko, regarding allegations of impropriety that implicate two Non-Executive Directors of the PIC Board and the Acting Chief Executive Officer, the Board held a special Board meeting on Tuesday evening, 29 January 2019, given the seriousness of the matter.

Following the recusal of the three affected Board members, the Board meeting was chaired by the Deputy Chairman, Dr Xolani Mkhwanazi. At the meeting, it was resolved to immediately conduct a forensic investigation into these allegations”, PIC said in their statement.

PIC further said it will engage the services of an experienced Senior Counsel to assist the Board with the said investigation.

See the explosive email sent by “James Noko”:

From: James Noko <noko.james@webmail.co.za>
Date: 28 January 2019 at 16:35:12 SAST
To: <Tito.mboweni@treasury.gov.za>
Subject: Another PIC scandal

Good Day

James Noko is back from the holidays

This is another ‘Thuma mina Campaign’.Hoping we shall emerge victorious against corrupt people.

PIC BOARD MEMBER SIBUSISIWE ZULU APPROVES R6NB DEALS FOR HER BOYFRIEND

PIC board member Sibusisiwe Zulu who is a niece of ex ANC TG politician Minister Zweli Mkhize, and an acting judge in KZN high court, has approved transactions for her live-in partner Mr Lawrence Mulaudzi to the tune of R 6 billion. These include the controversial TOTAL deal where Mr Lawrence Mulaudzi was paid R100m for facilitation of which R40m was paid to Sibusisiwe and her uncle, former TG Zweli Mkhize. Mr Mulaudzi is the well-known PIC benefactor who was used by Dr Dan Matjila to pay R300k to the ex CEO’s girlfriend.

The proceeding of this deal was the start of Ms Zulu lavish lifestyle where she splurges her ill-gotten PIC money on a multi-million rand mansion in the coastal Umhlanga Ridge suburb in Durban, including luxury vehicles.

While she was still married to her ex-husband, she kindled a secret love relationship with the well known Mr Mulaudzi who impregnated her.

Sibusisiwe has been using her live-in partner Mr Mulaudzi to benefit from a transaction that she approves in the committees that she chairs where she has the power to approve up to R2bn without the board’s consent. Through her scheme with the boyfriend, she has benefited over R 600m in shareholding and well over R100m in fees which she uses to finance her lavish lifestyle.

She is frequently seen being driven around Johannesburg in her boyfriend’s Mercedes Benz Maybach which costs R5m, including attending soccer matches with Mr Mulaudzi at various stadiums across the country, when her boyfriend’s soccer team, TTM (Tshakhuma Tsha Madzivhandila)that plays in the National first division is playing.

She recently acquired a R4m luxury Land Rover after the PiC approved a multibillion-rand deal for her boyfriend in 2018, which she uses as her personal car when she is visiting their multi-million rand love nest home in Morningside, Sandton, where she spends the majority of her time.

She has also splurged on other luxury items such as her Porsche Panamera and a second Range Rover sport which are parked at her mansion in Umhlanga.

Recently she has been heard boasting of her capture of the new Deputy Minister, Mondli Gungubele, whom they have established a very close relationship to the effect that the deputy minister without consulting her and getting a go-ahead before any decision is made at the PIC.

Both have cemented their power through the inclusion of the acting CEO who is a bossom friend to Ms Zulu in their cabal.

The Staff at the PIC have revealed that kangaroo court is being run by the chairmanMs Zulu and the acting CEO to get rid of all executives who served under Dr Dan Matjila in order to put their own candidates, which will allow them to continue with the looting, while protecting the people who are seen to be aligned to them.

Mondli Gungubele has been trying to lobby the minister to restructure the board and make Ms Zulu the new Deputy Chair of the PIC board in order to complete their takeover strategy.

It has also been revealed that a report that implicates the current acting CEO is sitting with the Deputy Minister including internal audit minutes that shows that Ms More was the one who chaired and gave approval to the irregular granting of R4bn of Ayo Funds. What is peculiar is that all those executives and managers who worked on the deal have all been suspended by the acting CEO and the minister, but the acting CEO has been protected due to an agreement that was reached between her and Ms Zulu which aims to protect her from any investigations that could implicate her on condition that she approves a few of Ms Zulu and her boyfriend’s transactions which are already at different stages of approval at the PIC committees and run into billions and Ms Zulu stands to gain over R300m in fees. Since the appointment of the acting CEOit has become common knowledge in the transaction market that if you want any deal to be considered by the PIC you need to seek a meeting with Ms Zulu’s boyfriend who will then talk to both Ms More and the Deputy Minister to get the go ahead.

If you agree to their terms of sharing 50% of the transactional fees and 40% shares in the proposed transaction which will be distributed to Mondli, More and Zulu through selected proxies then your deal will be approved with no hustles,
Ms Zulu still has a serious corruption report that points to her having flaunted and irregularly granted gambling licenses during her tenure at the KZN gambling board, as the chair of the board, where she still needs to report to. T.G put her on the KZN gambling board when he was still premier and moved her to PIC when he became a T.G

We ask the following questions?

1. How can an acting judge be allowed to sit on the PIC board?
2. How was she appointed as an acting judge whilst involved in the business of a financial institution?
3. Has she declared her love relationship with Mr Lawrence Mulaudzi, who is the largest benefactor of deals approved by the committee that she chairs at the PIC, to the board?
4. Has treasury conducted a lifestyle audit on her given the fact that she now lives a flamboyant lifestyle since her PIC appointment?
5. Where does she get the mandate to protect the acting CEO and CFO from the AYO saga whereas she was the chair of the committee that approved the transaction?