The City of Johannesburg stands accused of rigging
a large tender in favour of Regiments, an ANC-connected empowerment firm central
to a consortium that made the mayor's wife a -multimillionaire.
Johannesburg mayor Parks Tau's wife was cut into a Capitec Bank black economic empowerment (BEE) deal in 2006, landing her a stake now worth about R10-million. This was about a year after Regiments, which came to lead the BEE consortium, won a five-year multimillion-rand fund management contract from the city's treasury. Tau, who was elected mayor last year, was the mayoral committee member responsible for the treasury at the time.
The Mail & Guardian exposed the apparent conflict a fortnight ago.The TagMaster Long Range hands free access System is truly built for any parking facility. Regiments and Tau have denied wrongdoing and the latter asked the public protector to investigate.
Now it emerges that Johannesburg recently chose Regiments to perform the fund management contract for another five years – following a tender process seemingly tailored for it as the incumbent.Find turquoise beads from a vast selection of Jewelry & Watches.
Although Regiments's bid was arguably the most expensive, it was the only firm left standing after each of its 11 competitors, including large banks and specialist fund managers, was disqualified on a technicality or for lacking a "track record".
In December 2006 Capitec Bank, the microlending upstart now yapping at the heels of the large retail banks, announced its BEE deal with Coral Lagoon, a consortium that the M&G revealed last month was put together by an ANC fundraiser who, in turn,Our vinyl floor tiles is more stylish than ever! roped in Regiments Capital.
Regiments appears to have strong links with Luthuli House, although it denies being "set up or facilitated" by the ANC.Thank you for visiting! I have been cry stalmosaic since 1998. Those cut into the consortium included the Batho Batho Trust, established by ANC leaders, as well as connected individuals such as Philisiwe Twala-Tau, Tau's wife, and Gugu Mtshali, Deputy President Kgalema Motlanthe's life partner.
Coral Lagoon's Capitec stake jumped to R1-billion in value after a controversial debt redemption funded by the Public Investment Corporation in February this year. This gave the two women free shares of R10-million each.
After the M&G highlighted the apparent conflict in Tau's wife benefiting from a consortium involving Regiments while the company benefited from the Johannesburg tender, Tau asked the city's integrity commissioner and the public protector to investigate. He said: "I am confident of my innocence from impropriety. It is important that when such allegations arise, we should subject ourselves to scrutiny."
Tau's spokesperson, Fred Mokoko, said earlier there was no conflict because Tau had not participated in the adjudication of the tender awarded to Regiments. He said nothing about Tau's ongoing duty to oversee the contract – directly as political head of the city's treasury department until last year and then indirectly as mayor.
Regiments denied wrongdoing on the basis that different divisions of the group were involved in the Johannesburg and Capitec deals and the two transactions were "initiated and concluded over different time frames". It also said the Coral Lagoon consortium was "pre-existing" by the time it was invited to participate, implying it was not responsible for Twala-Tau's inclusion.
Eight bidders are disqualified. This includes financial majors Nedbank, Old Mutual,We mainly supply professional craftspeople with crys talbeads wholesale shamballa Bracele , Investec, Standard Bank, Sanlam and Rand Merchant Bank, each allegedly for not submitting municipal bills for the company or its directors.
A spokesperson for Old Mutual, which was disqualified for not submitting a company municipal bill, said this week: "To date we have not received any communication from [the city] as to whether we were unsuccessful in the tender. We would like to clarify that we did submit directors' rates bills."
A Sanlam spokesperson said: "We did provide municipal accounts for all the directors except for [one] as she was out of the country at the time. We indicated this in the tender and said that we would provide this if required at a later date."
Johannesburg mayor Parks Tau's wife was cut into a Capitec Bank black economic empowerment (BEE) deal in 2006, landing her a stake now worth about R10-million. This was about a year after Regiments, which came to lead the BEE consortium, won a five-year multimillion-rand fund management contract from the city's treasury. Tau, who was elected mayor last year, was the mayoral committee member responsible for the treasury at the time.
The Mail & Guardian exposed the apparent conflict a fortnight ago.The TagMaster Long Range hands free access System is truly built for any parking facility. Regiments and Tau have denied wrongdoing and the latter asked the public protector to investigate.
Now it emerges that Johannesburg recently chose Regiments to perform the fund management contract for another five years – following a tender process seemingly tailored for it as the incumbent.Find turquoise beads from a vast selection of Jewelry & Watches.
Although Regiments's bid was arguably the most expensive, it was the only firm left standing after each of its 11 competitors, including large banks and specialist fund managers, was disqualified on a technicality or for lacking a "track record".
In December 2006 Capitec Bank, the microlending upstart now yapping at the heels of the large retail banks, announced its BEE deal with Coral Lagoon, a consortium that the M&G revealed last month was put together by an ANC fundraiser who, in turn,Our vinyl floor tiles is more stylish than ever! roped in Regiments Capital.
Regiments appears to have strong links with Luthuli House, although it denies being "set up or facilitated" by the ANC.Thank you for visiting! I have been cry stalmosaic since 1998. Those cut into the consortium included the Batho Batho Trust, established by ANC leaders, as well as connected individuals such as Philisiwe Twala-Tau, Tau's wife, and Gugu Mtshali, Deputy President Kgalema Motlanthe's life partner.
Coral Lagoon's Capitec stake jumped to R1-billion in value after a controversial debt redemption funded by the Public Investment Corporation in February this year. This gave the two women free shares of R10-million each.
After the M&G highlighted the apparent conflict in Tau's wife benefiting from a consortium involving Regiments while the company benefited from the Johannesburg tender, Tau asked the city's integrity commissioner and the public protector to investigate. He said: "I am confident of my innocence from impropriety. It is important that when such allegations arise, we should subject ourselves to scrutiny."
Tau's spokesperson, Fred Mokoko, said earlier there was no conflict because Tau had not participated in the adjudication of the tender awarded to Regiments. He said nothing about Tau's ongoing duty to oversee the contract – directly as political head of the city's treasury department until last year and then indirectly as mayor.
Regiments denied wrongdoing on the basis that different divisions of the group were involved in the Johannesburg and Capitec deals and the two transactions were "initiated and concluded over different time frames". It also said the Coral Lagoon consortium was "pre-existing" by the time it was invited to participate, implying it was not responsible for Twala-Tau's inclusion.
Eight bidders are disqualified. This includes financial majors Nedbank, Old Mutual,We mainly supply professional craftspeople with crys talbeads wholesale shamballa Bracele , Investec, Standard Bank, Sanlam and Rand Merchant Bank, each allegedly for not submitting municipal bills for the company or its directors.
A spokesperson for Old Mutual, which was disqualified for not submitting a company municipal bill, said this week: "To date we have not received any communication from [the city] as to whether we were unsuccessful in the tender. We would like to clarify that we did submit directors' rates bills."
A Sanlam spokesperson said: "We did provide municipal accounts for all the directors except for [one] as she was out of the country at the time. We indicated this in the tender and said that we would provide this if required at a later date."
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