Detectives hired for Land Bank

Cape Town - Private detectives have been appointed to investigate yet more transactions by the Land Bank, Phakamani Hadebe, acting Land Bank chief executive, on Friday told the parliamentary portfolio committee on agriculture and land affairs, and subsequently parliament's standing committee on public accounts (Scopa).

He was seconded to the Land Bank by the Department of Finance three months ago, when control of the bank was removed from the hands of the Department of Agriculture. On Friday the agri-funder?s annual report, disclosing corruption and irregularities, presented a turnaround plan for the bank that had been approved by the board for the first time.

The four forensic investigations at the bank have been completed and charges laid with the police and the former Scorpions. The cases involved alleged corruption with regard to loans outside the bank's mandate, IT system fraud and the more than R1bn misappropriated in the financing scheme for small farmers.

The fourth investigation deals with the alleged fraud in the AgriBEE fund.

The hearing of the former chief executive, Dr Phil Mohlahlane, is scheduled for the end of this month.

"Unnecessary" expenditure will also be cut, including:

• The removal of a Mercedes-Benz driven by the CE.
• The disposal of a R4.2 million flat in Green Point, Cape Town, for the use of the chief executive.
• The Land Bank wants the R4.2m paid on the termination of the service of the former CE, Alan Mukoki, whose name turned up in one of the very forensic reports, returned. This payment was never approved.

Hadebe pointed out that the bank's liquidity had improved considerably and investors had again begun to approach the bank. The Industrial Development Corporation and the Development Bank had been approached to assist with skills and loans were being reviewed.

Interviews with the four candidates on the shortlist for the position of chief executive would take place next week.

- Sake24