Joburg mayor's name cleared: report

By Drum Digital
01 August 2013

Johannesburg mayor Parks Tau has been cleared of irregularly benefiting from a financial transaction involving a consortium in which his wife is a minor shareholder, The Star reported on Thursday.

"The findings vindicate the mayor and prove that he has acted with honour and integrity throughout the process," chief whip Prema Naidoo was quoted as saying.

The Star reported that Tau's wife Philisiwe Twala-Tau was a minority shareholder in Coral Lagoon.

One of its shareholders, Regiment Capital, was reportedly appointed with Umbono Fund Managers in 2006 to manage the city's sinking fund for five years.

A sinking fund is used to reduce debt by repaying or purchasing outstanding loans and securities.

According to the newspaper, the city's integrity commissioner Jules Browde found that newspaper reports claiming Tau had influenced the decision to award the management tender to Regiment Capital were unfounded.

-Sapa

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