Millions of rands in unexplained payments have been found in the bank account of the Strategic Fuel Fund’s former acting chief executive officer, Sibusiso Gamede.
Investigators have now revealed that a little more than R20-million was deposited — through 305 transactions — into the trust account of Gamede’s law firm between January 2015 and April 2016, a period that broadly covers the dates of the sale of the oil. “By selling off the crude oil, he also sold off the strategic stock required for the security of the state. The prejudice that could be suffered by the state is that the security of supply could not be realised and the security of the state is at risk and this could have a significant impact on the economy and independence of the republic,” said Makasi.
The payments — 305 transactions ranging from cash deposits at ATMs in Durban, Cape Town and Johannesburg to EFTs — were made into a trust account belonging to Gamede’s law firm, Gamede Attorneys, and included:Taleveras and Lengard are owned by Nigerian oil billionaire Igho Salomi;R6.3-million that emanated from Olica-score, a company owned by Gamede’s wife.
Investigators found that Gamede had asked the Law Society, between August 2015 and March 2016, to excuse him from submitting audited financials because his practice was dormant. The Gobodo report said Gamede had financial problems and struggled to keep up with payments to Hilton College and on his bond between late 2014 and early 2015.
Among the irregularities found by the report is that Gamede communicated with some of the bidders prior to the department issuing a request for proposal . He also did not get approvals from the SFF board, its shareholder the CEF, and government through the department of energy and the treasury. In an affidavit before the court in the civil case, Makasi alleges that Gamede entered into the agreements without the knowledge and consent of the SFF executive and board, the CEF and the treasury. He said Gamede may also have misled former energy minister Tina Joemat-Pettersson into believing she was signing off a rotation when it was in fact a sale.
Source: Energy Industry News (energyindustrynews.net)
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