ANC Joburg chair to appear before integrity committee over sinking fund allegations

2018-12-06 19:49
Geoffrey Makhubo. (Nelius Rademan/Foto24 Gauteng)

Geoffrey Makhubo. (Nelius Rademan/Foto24 Gauteng)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

ANC Johannesburg chairperson Geoff Makhubo is to appear before the party's Integrity Committee over allegations of impropriety involving the City of Johannesburg Sinking Fund.

In a statement, the party noted a report from amaBhungane on the alleged impropriety.

The investigative journalism centre referred to "new evidence" which suggests that Makhubo scored an estimated R30m from the City of Johannesburg by acting as an influence broker.

In 2006, Regiments Fund Managers, a division of Regiments Capital, received a contract to manage the City’s "sinking fund" – a pool of several billion rand put aside to meet the City's future debt repayments. 

READ: Joburg ANC leader scored millions from city contract

By 2015, Regiments had taken an estimated R300m in fees.

The ANC said Makhubo briefed it on the matter.

"Makhubo has already committed to avail himself to provide all relevant information to relevant ANC structures including the Integrity Committee," a statement read.

Emails and documents amaBhungane obtained, showed that Regiments agreed to pay 10% in "fees" to Makhubo's company, Molelwane Consulting.

In 2011, Makhubo became Member of the Mayoral Committee for Finance, placing the Regiments sinking fund contract directly within his sphere of responsibility. 

Johannesburg Mayor Herman Mashaba took to Twitter to further publicise the amaBhungane article, hashtagging it #ANCLootedJozi

He said "the report shows how Cllr Geoff Makhubo & Cllr Parks Tau – orchestrated a windfall of at least R30m for Makhubo by allowing him to unduly act as a broker for Regiments, giving the fund managers unfettered access to lucrative deals within the City.

Mashaba also accused former mayor Parks Tau of failing to not only disclose the information, but of assisting Makhubo to facilitate deals for Regiments.

Read more on:    anc  |  geoff makhubo
NEXT ON NEWS24X

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

 
/News
Traffic Alerts
Traffic

Jobs in Cape Town [change area]

Jobs in Western Cape region

IT Manager (contract)

Cape Town CBD
Communicate Cape Town IT
R330 000.00 - R458 000.00 Per Year

HSE Manager

Cape Town
Tumaini Consulting
R550 000.00 - R650 000.00 Per Year

Reporting Accountant

Cape Town
Network Finance Professional / Prudential
R310 000.00 - R360 000.00 Per Year

Property [change area]

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.