Khanyi Dhlomo’s Luminance loan was not quite 'paid'

2014-09-07 06:00

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The controversial R34.1?million loan by the National Empowerment Fund (NEF) to fund Luminance, Khanyi Dhlomo’s luxury store in Hyde Park, was not exactly paid back, as announced last week.

In fact, the loan was refinanced by an unknown funder. This was not confirmed by Dhlomo, who did not respond to questions.

Philisiwe Mthethwa, CEO of the NEF, announced last week that Ndalo Luxury Ventures (NLV), which trades as Luminance, had “settled its loan obligations in full”.

This was only partly true, and it implied that Luminance had done so well it was able to repay the loan.

The loan came to light last year, shortly before the NEF placed a moratorium on new loan applications.

Last week Mthethwa said: “NLV began repaying the NEF loan in June 2013, in essence because it is a viable business, and has now settled its loan obligations in full.”

This week she said the loan was indeed settled with NEF, but refinanced by another funder. She said this was not uncommon.

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