Bafokeng chief 'squandering riches'

2013-11-24 11:18


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Johannesburg - Bafokeng tribal members are calling for their platinum rich bank accounts to be audited following claims their chief, Leruo Molotlegi, is keeping all the wealth to himself, reports the Sunday Times.

The Bafokeng is Africa’s richest tribe, but the community claims Molotlegi refuses to share the wealth with them and has instead spent R6m on his sister Tirelo’s wedding, authorised the purchase of a private helicopter and splurged tribal money on Platinum Stars, a Premier Soccer League club.

The Bafokeng has meanwhile approached public protector Thuli Madonsela and parliament’s standing committee on public accounts demanding they probe a list of grievances.

Earlier this month it was reported that a subsidiary of Royal Bafokeng Holdings, MOGS, was reportedly eyeing a stake in a Zimbabwe-based bank. According to a report, MOGS signed a memorandum of understanding for investment into Trust Bank of Zimbabwe. MOGS has reportedly offered to invest US$20m for a 100% equity stake in the bank, which is currently owned by Trust Holdings Limited.

The current shareholders of Trust Bank will be compensated by transfer of certain properties currently held by the Bank to Trust Holdings. Properties to be transferred have an estimated value of $6m.
MOGS will seek to comply with local indigenisation laws over five years.
Read more on:    thuli madonsela

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