Register now for Fin24 Dashboard and get access to portfolios, watchlists, financial comparison tools, and a whole lot more to help you achieve your financial goals.

Data provided by McGregor BFA
All data is delayed
Loading...
Where am I? Home
 
Prices are delayed by 15min.
Join the Fin24.com conversation about JSE-listed stock by using every time you tweet.

Kebble 'donations' wanted back

Apr 24 2008 08:56

Related Articles

Kebble accused back in court

Ex-Harmony boss turns up again

Matodzi boss calls it quits

 

Top Stories

Facebook, banks sued over pre-IPO calls

May 23 2012 18:03

Facebook and banks are being sued by Facebook's shareholders, who claimed the defendants hid Facebook's weakened growth forecasts ahead of its initial public offering.

Govt challenges e-toll ruling in ConCourt

May 23 2012 15:59

Finance Minister Pravin Gordhan has made an unusual appeal to the Constitutional Court in a bid to set aside the high court order halting e-tolling.

Income inequality divides SA - survey

May 23 2012 22:00

Economic liberation or the lack thereof is the most divisive issue in the country, according to a survey.

 
Share Share line Print
Johannesburg - Trustees of the insolvent estate of slain mining magnate Brett Kebble want more than R25m back from beneficiaries of Kebble's largesse, ranging from senior ANC members to a prominent business journalist, Business Day reported on Wednesday.

They all allegedly received "donations", made for unspecified reasons between 2003 and 2005, when Kebble's estate was already insolvent, say the trustees. In some cases the donations took the form of regular monthly payments.

The newspaper reported that prominent ANC Youth League (ANCYL) member Lunga Ncwana, his wife Nora and the Ncwana Family Trust lead the pack with more than R10m in donations from Kebble, followed by various ANC branches, which owe R4.6m.

Journalist and long-time friend of Kebble David Gleason and his company, Gleason Publications, together owe R3.4m, the ANCYL R1.3m, Kebble's brother Guy R1m and ANCYL national executive committee member Songezo Mjongile R846 147.

Among those owing about half a million are ANCYL secretary-general Sihle Zikalala with R600 000, Fikza Investment Holdings, run by social development minister Zola Skweyiya's wife, Thuthukile Mazibuko Skweyiya, which owes R400 000, and the late John Gomomo, former ANC MP and chairman of parliament's portfolio committee on public service and Administration, who received R481 761.

Gomomo died in January and trustees are awaiting the appointment of an executor for his estate before taking further legal action.

Carl Niehaus, former ANC national executive committee member, MP and head of the Gauteng Development Agency, is said to have received R77 573 from Kebble.

Gleason's court documents claim he received regular monthly payments from Kebble from April 2003 until a month before Kebble's death. This was while he contributed a weekly column to Business Day. His column was eventually terminated because of misgivings about his objectivity.

Gleason had denied owing Kebble's estate any money.

The trustees argue that the donations contravene the Insolvency Act, which stipulates that donations cannot be made if liabilities are higher than an estate's assets. This was the case with regard to Kebble and the money has to be returned, they say.

Ncwana used the money to improve his mother's property, and one of his own, in Cape Town, in Pinelands and Tokai, respectively. He is counterclaiming, arguing that he is in fact still owed money from the Kebble estate for services rendered.

Among the work he claims to have done for Kebble was to facilitate the acquisition of 30% of Boschendal Estate by Chris Nissen's company, Kovacs Investment 603. JCI provided Kovacs with a commercial loan and debenture agreements.

Mazibuko Skweyiya has denied there is any thing sinister about the money paid by Kebble to Fikza Investment. She said it was used to kick-start a R32m wine project she had begun. She allegedly began receiving the money in 2004.

No mention of Yengeni, Tambo

Missing from this latest list are several people alleged to have received money from Kebble according to documents belonging to the deceased businessman.

These include former ANC chief whip Tony Yengeni, who received at least R90 000 in the 2004 tax year; Dali Tambo, son of the late Oliver Tambo, who received about R300 000; and Mazibuko Skweyiya again, who received R135 000. It is not clear if these people have paid the trustees back or are still to be pursued.

ANC politician and businessman Nissen repaid the R370 000 he was allegedly paid for consultancy work.

The Democratic Alliance has repaid the R250 000 donation it received from Kebble in 2004.

This is not the first time Mazibuko Skweyiya has made headlines over loans received. She received R65 000 from Sandi Majali - a man named in the Oilgate scandal in 2005 - to renovate her kitchen.

The ANC and the ANCYL denied in court last year that the donations were "dispositions without benefit for the estate".

The then ANC treasurer, Mendi Msimang, rather controversially argued in his affidavit that "donors receive value for the funds donated" through the "indirect benefit" that their companies operated in a political climate "which was borne through the gallant effort and contribution of the ANC".

Drop in the ocean

The recovery of donations made by Kebble will be little more than a drop in the ocean when it comes to his creditors. These include the South African Revenue Service, which is said to be claiming nearly R200m in unpaid taxes and penalties, and Randgold, which was advised after a forensic audit in 2006 to claim back R390m from Kebble's estate.

Forensic reports by Umbono Financial Advisory Services found widespread fraud.

 
 
Comment on this story
0 comments
Comments have been closed for this article.
Facebook's intrinsic value
May 23 2012 11:32

When it comes to judging a company’s worth, value investors like Warren Buffett look at intrinsic value. By that measure, Facebook’s shares are worth less than $10. A Reuters analyst breaks down the math. (Reuters)

NicolaaSmith

Items with an underlying monetary nature Utility, scarcity and exchangeability are the three basic attributes of an economic item which, in combination, give it economic value. All economic items are exchangeable and money is generally the generally accepted medium of exchange. All economic items t... Read their blog...

Recently updated
Podcasts
The Sishen saga

Legal expert Peter Leon on the increasingly complex legal wrangle over the Sishen Iron Ore mine. Time: 8:17 Listen Here...

Before you list

Is the clarion call of the JSE calling? Listen to Fin24’s expert panel discussion before you list your small business. Time: 17:29

Compare and Buy

Compare and apply for hundreds of financial products from many suppliers.

Credit cards Medical aid Current accounts Think Money

Money Clinic

Money Clinic Do you have a question about your finances? We'll get an expert opinion.
Click here...

Loading...