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Johannesburg – The independent inquiry into Trillian Capital Partners has taken longer than expected, and there is more to the matter that must be unearthed, according to Tokyo Sexwale.
Sexwale, the independent non-executive chairperson of Trillian Capital, was speaking at a briefing on Thursday. He was updating media on the progress of the independent inquiry, led by Advocate Geoff Budlender.
The investigation is linked to allegations that certain executives of Trillian Capital were privy to information that former Finance Minister Nhlanhla Nene was going to be axed, weeks before it happened.
READ: Sexwale seeks authority over Trillian probe with judicial inquiry
However, during the investigation Budlender realised he had limited powers, and could not subpoena subjects of the investigation. For this reason, Budlender will submit a report in June and the matter will be elevated to a judicial commission of inquiry, explained Sexwale.
During a question and answer session Sexwale went on to say that the matter was “snowballing”. “We are in a position where this is part of something much bigger, more than meets the eye. It’s snowballing every day.”
Sexwale said he thought the matter would be easy to resolve, but now he cannot see the end of the horizon. “My country, your country, it has never been at this level before. We don’t know the end to this… This is not just a Trillian issue.”
He added: “I am concerned the last thing to happen is for this investigation, which is part of this state capture, to disappear.”
Sexwale said as a South African citizen and a member of the ruling party being dragged into it, he is interested in the outcome of the inquiry. He explained that elevating the matter to a judicial commission of inquiry would provide “sufficient leverage” for necessary ventilation.
Future at Trillian
Sexwale explained that he intended to invest in the business, but given the controversy Trillian has been engulfed in, he cannot buy shares.
Trillian Capital had requested Sexwale to be the independent non-executive chair. Sexwale said he took on the position because he saw the growth potential in the company.
“The events being investigated happened long before I became chairperson of this company. I want that to be stressed,” said Sexwale.
He explained that his business model had since changed following the allegations.
Sexwale said that he would remain chair until Budlender hands in the final report in June.
