Bosasa’s liquidators have confirmed that they will investigate the R2m paid by the group to President Cyril Ramaphosa’s son Andile — and will seek to recover that money if the payment is found not be justified.
“We are duty bound to investigate these payments and will do so,” lead Bosasa liquidator Cloete Murray told Business Day.
In a deal signed in December 2017, when Ramaphosa won the ANC's leadership battle, Andile Ramaphosa's Blue Crane Capital received a contract from Bosasa with a monthly retainer fee of R150,000 for "advisory" services, News24 reported. That amount was later increased to R230,000.
Murray explained that Bosasa’s liquidators are legally obligated to investigate all transactions conducted by the company and to specifically probe whether “any transaction falls within the definition of an impeachable disposition” under the provisions of the Insolvency Act.
Payments shown not to have added any value to the company under liquidation fall within that definition, which enables liquidators to “take steps to set aside such transaction and recover the monies from the beneficiary of the transaction”, Murray says.
“This includes Mr Andile Ramaphosa”, he added.
The Johannesburg High Court last week gave Bosasa’s liquidators leave to appeal a ruling that reversed the group’s liquidation. That means that the liquidation process will continue, pending a ruling on its legality by the Supreme Court of Appeal.
Andile Ramaphosa told News24 that he “sincerely regrets” his company Blue Crane Capital's “advisory mandate” deal with Bosasa, now trading as African Global Operations. News24 reported that Blue Crane Capital provided "advisory" work on a series of more than 20 government and private contracts in Uganda and Kenya, which Andile Ramaphosa claimed were potentially worth "billions" of rands.
He later backtracked on this claim and said the projects had never been properly valued. He did not indicate whether he would voluntarily repay this money...