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Gold Fields confirms probe into BEE deals

Johannesburg - Gold Fields [JSE:GFI] confirmed on Wednesday that an investigation was underway regarding its black economic empowerment (BEE) transactions following press reports raising questions about them.

The gold producer last December appointed an international law firm‚ Paul Weiss‚ to determine the facts and to provide recommendations to its board.

“Gold Fields has also asked Paul Weiss to review the company's relevant internal controls and to recommend any necessary improvements. Gold Fields will report further on this matter upon the conclusion of the investigation.”

A report in December detailed how certain politically connected individual were non-negotiables when it came to the awarding of black economic empowerment deals.

Gold Fields CEO Nick Holland reportedly told Business Day that after the MK Veterans' Association had given him a list of recommended beneficiaries. He considered ANC chairperson Baleka Mbete "non-negotiable" because of the role she played in the welfare of veterans.

Others the transformation committee of Gold Fields regarded as "non-negotiable" were the wife of slain SA Communist Party general secretary Chris Hani, Limpho Hani, and fellow widow of a former MK member, Thandi Shongwe.

In the end a R2.1bn deal was concluded with three components - an employee share ownership scheme, the Invictus Consortium, and the South Deep Community Trust. The consortium was made up of several companies.

The 73 people in the consortium could expect an income of no more than R80 000 a year.

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