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EXCLUSIVE | The abandoned sheep farm and 'ill-fated' condom factory: Inside KZN's R500m investment failure

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Nomusa-Dube-Ncube.
Nomusa-Dube-Ncube.
Darren Stewart, Gallo Images

The KwaZulu-Natal Growth Fund (KZNGF) has lost more than R500 million after several projects in which the provincial development finance institution invested collapsed. 

The details of how the KZNGF lost some R 500 million after "recklessly" investing in unsustainable projects are contained in an explosive forensic investigation carried out by the KwaZulu-Natal Department of Economic Development, Tourism and Environmental Affairs (EDTEA). The Growth Fund was founded and is funded by the EDTEA.

In 2019 former EDTEA MEC Nomusa Dube-Ncube commissioned the investigation into the fund following allegations that it had lost more than R200 million in a corruption-riddled deal to set up a pot and cookware manufacturing plant at the Dube Trade Port in KwaZulu-Natal.

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