Who is Zinhle Mbanjwa? He is the manager of the Housing Development Agency of South Africa. So who owns Unit #2 at Chianti Estates? None other than MBANJWA NQOBILE ZINHLE (Zinhle Mbanjwa). Yet Public Works feel happy for this company to complete this project on their behalf. This is a tiny, 60sqm residential complex – not an office park, or the premises you’d expect for a company with R1.5bn to spend and manage. So this company that apparently has R1.5bn spare to flush down the toilet, or will be managing R1.5bn worth of angel investor cash, is situated at unit 2, Chianti Estate in Sunninghill, a residential complex that does not have business rights for its units. So on to brass facts: Korong Capital Partners has its registered offices at the following address:
And why is the donor not being made public? What has he got to hide? And who in their right mind would philanthropically fund a minor freeway in SA through the president’s home town? It makes no financial sense, nor logical sense. It is a straight R1.5bn loss to whoever funds this project. Apparently Mpuru, after being turned down for a R1m loan to fund a small portion of the project, managed in just a few months to secure R1.5bn in funding for a project that will see absolutely no return on investment. Who was this angel investor? Well the claim is that the cash originated from the USA, through an attorney who is set to make $100,000.00 for simply arranging the transfer of the cash. So the only other option is that there was an angel investor involved, and this is the next claim:Īn angel investor is funding the entire project at no cost to government whatsoever. They couldn’t have raised this finance in the capital markets either because no financial institution would originate and secure a bond for a company with zero balance sheet strength and zero cash flow.
This would have made them the most successful company in history (to put this into perspective, this would equate to more than double Vodacom’s 2011/2012 revenue, and Korong would have achieved this in about a year of operations). So they certainly couldn’t have secured revenue of around R37bn to place them in a position to fund this internally. In fact, they have no history of any work whatsoever. The problem with this scenario is that Korong Capital Partners have no history of this sort of work. Korong Capital Partners appears to have been a dormant shell company since 1999, and who’s only director is Moeti Mpuru, who claims to have secured the funding of R1.5bn for this project. So incredible that it sounds almost too good to be true. Public Works claim that the freeway is being constructed by a private company called Korong Capital Partners who will, following the road development’s end, donate the entire road to the government at no cost to them.
#Kak praat stories crack#
This freeway is set to cost R1.5bn, so this is no small chunk of change, so Mybroadband’s amateur, volunteer, investigative journalists gave it a crack and uncovered what appears to be a case of corruption on an arms deal scale. But what’s received little attention is the funding of the freeway set to run through Nkandla following the development of the president’s luxury compound.
Much has been said, fought and argued over the funding of the R250m Nkandla Compound, and rightly so.
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