{"id":56471,"date":"2023-11-13T17:37:50","date_gmt":"2023-11-13T17:37:50","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/mashatiles-son-in-law-cleared-of-corruption-trustees-in-the-wrong-housing-loan-investigation"},"modified":"2023-11-13T17:50:39","modified_gmt":"2023-11-13T17:50:39","slug":"mashatiles-son-in-law-cleared-of-corruption-trustees-in-the-wrong-housing-loan-investigation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/mashatiles-son-in-law-cleared-of-corruption-trustees-in-the-wrong-housing-loan-investigation","title":{"rendered":"Mashatile’s son-in-law cleared of corruption, trustees in the wrong: housing loan investigation"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>An investigation into corruption in the awarding of a loan to the son-in-law of Deputy President Paul Mashatile could not conclude processes were flouted.<\/p>\n

<\/a>The funds were meant for construction of 45 units for a accommodation facility in Highlands, Johannesburg.The investigation was sparked by allegations that Nceba Nonkwelo, director of Nonkwelo Investments, unduly benefited up to R30m between 2013 and 2017.<\/p>\n

The funding was from the Gauteng Partnership Fund (GPF) in the human settlements department.<\/p>\n

The investigation report \u2014 by Gildenhuys Malatji Attorneys and released on Monday \u2014 said due to outstanding evidence documents by the GPF they were unable “at this stage to make conclusive findings whether all applicable polices, procedures and other laws and regulations were followed in approving Nonkwelo Investments as a participant to the EEPF [Entrepreneur Empowerment Property Fund] programme\u201d.<\/p>\n

The report clarified the amount loaned to Nonkwelo was R7.2m, not R30m as contained in a media report in July this year.<\/p>\n

Nonkwelo was qualified to participate in the programme with an initial loan of R7.2m, but the fund approved an extension of the loan though the project was not viable.<\/p>\n

According to the report, this was because of the discovery of a “big\u201d rock formation that “was not anticipated due to lack of proper site investigation before the approval\u201d.<\/p>\n

The removal of the rock, which was completed in 2016, had affected expenditure and more money was needed to continue the project. The only way, apart from putting up more equity, which Nonkwelo Investments could not raise, was to enlarge the project.<\/p>\n

“Thus, it is recorded that Nonkwelo Investments approached the GPF to consider a project of affordable housing units as opposed to the original 45 units.<\/p>\n

“For this project to remain financially viable, there was a need to restructure the loan term and the project to run over 20 years,\u201d the report said.<\/p>\n

This meant the project would need to be considered for a “senior loan upgrade\u201d, not a “junior\u201d one earlier approved before the project stalled. The trustees who at the time took or participated in this decision may be held liable.With an extended loan term and more funds, Nonkwelo aimed to produce 90 units.<\/p>\n

“By expending further funds and\/or approving a senior funding loan to Nonkwelo Investments, this was not in the best interest of the GPF. While this does not form part of our scope or mandate, it is unknown to us why such a ‘jump’ was allowed.<\/p>\n

“Unless there is a reason for this, it would have been an arbitrary and possibly a reckless decision,\u201d it said.<\/p>\n

Due to the project not being completed, the loan was cancelled and the GPF decided to reach a settlement agreement with Nonkwelo Investment.<\/p>\n

However, the company failed to make a payment at the end of the moratorium period, “as such was in material breach of the second loan agreement\u201d and the student accommodation project was never completed.<\/p>\n

On perceived conflict of interests or whether Nonkwelo was favoured, the report stated: “We were unable to locate evidence of actual or perceived conflict of interest with any of the staff or trustees involved in the process at the various stages.<\/p>\n

“From the various minutes availed, no conflicts of interest were disclosed at any time.\u201d<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. An investigation into corruption in the awarding of a loan to the son-in-law of Deputy President Paul Mashatile could not conclude processes were flouted. The funds were meant for construction of 45 units for a accommodation facility in Highlands, Johannesburg.The investigation was sparked by allegations that Nceba Nonkwelo, director of Nonkwelo Investments, […]<\/p>\n","protected":false},"author":84,"featured_media":56470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[274,315,275],"class_list":["post-56471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nMashatile's son-in-law cleared of corruption, trustees in the wrong: housing loan investigation - South Africa<\/title>\n<meta name=\"description\" content=\"An investigation into corruption in the awarding of a loan to the son-in-law of Deputy President Paul Mashatile could no ...\" \/>\n<meta name=\"robots\" content=\"index, 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