The PIC and VBS-linked deals that will keep lawyers busy

A recent application by the South African Reserve Bank’s Prudential Authority to liquidate two small insurance companies has disclosed an intricate web of cross holdings and business transactions – between several small investment companies, the now defunct VBS Mutual Bank and the Public Investment Corporation – as well as reams of legal letters that will guarantee single malt for a bunch of lawyers for years.

At first, Nzalo claimed that its shortage of capital was due to the crisis at VBS , but it subsequently admitted that the deposit at VBS amounted to only R78 000. The deal between Mvunonala and Vela – and the commissions paid – raised eyebrows in another court at a later stage.Lebashe, the would-be saviour of Nzalo and Bophelo, counts among its directors two high-profile players in the asset management industry who previously held senior positions at the PIC:

However, according to the Reserve Bank’s application to the court to put the two companies into curatorship, the R100 million was not made available to Big, Nzalo or Bophelo. It was instead held in an attorney’s trust account. The money was only transferred to the companies after pressure from the PA.

By then Lebashe was in retreat. In an answering affidavit to the PA’s application to liquidate Nzalo and Bophelo, Lebashe said that it does not oppose the application, but seeks to argue that the application is not urgent and that Lebashe, as the majority shareholder of Big, should have been involved in the process.

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