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[Thread] The R280m Joburg ‘crime scene’: Okay, this is where things get interesting...
We know that the city of Joburg agreed to ‘gift’ 3ha of prime land to the Regiments Kgoro consortium, but who stood to benefit from the deal?
#Kgoro #CoJ #amaBhungane
We know that the city of Joburg agreed to ‘gift’ 3ha of prime land to the Regiments Kgoro consortium, but who stood to benefit from the deal?
#Kgoro #CoJ #amaBhungane
State capture kingpins Regiments Capital got 76.5%.
2% was given to Sipho Twala, businessman and brother-in-law of Parks Tau, the MMC of finance and economic development, and Joburg’s future mayor.
2% was given to Sipho Twala, businessman and brother-in-law of Parks Tau, the MMC of finance and economic development, and Joburg’s future mayor.
Another 2.5% went to the Transvaal Urban Machinery Investment Trust, an opaque trust that takes its name from an Umkhonto we Sizwe military operation.
The trustees and beneficiaries remain a mystery but we know the trust received at least R3m when it sold its shares.
The trustees and beneficiaries remain a mystery but we know the trust received at least R3m when it sold its shares.
[Thread] A Twitter preview of @amaBhungane’s #Kgoro investigation:
In the middle of Sandton is a ‘crime scene’.
Stand on the rooftops of any of the big corporates – Alexander Forbes, EY, Werksmans – and you can see it: three hectares of prime land, hijacked from the city…
In the middle of Sandton is a ‘crime scene’.
Stand on the rooftops of any of the big corporates – Alexander Forbes, EY, Werksmans – and you can see it: three hectares of prime land, hijacked from the city…
In 2008 the City of Joburg agreed to sell the land above the Sandton Gautrain station to a politically-connected developer for R280m.
But the Regiments Kgoro Consortium, never paid the purchase price, the development never happened, and the project went into liquidation.
But the Regiments Kgoro Consortium, never paid the purchase price, the development never happened, and the project went into liquidation.
The land – described as “arguably the most important single piece of undeveloped real estate in South Africa” – is now out of the city’s hands and is destined to be sold by the liquidator.
Why was this allowed to happen?
@amaBhungane investigates #Kgoro
Why was this allowed to happen?
@amaBhungane investigates #Kgoro
