More questions raised about Nene’s son at #PICInquiry

Nhlanhla Nene
Nhlanhla Nene

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More questions have been asked at the PIC Inquiry about the alleged conflict of interest involving former finance minister, Nhlanhla Nene and his son.

Siyabonga Nene and his business partner Amir Mizra approached the PIC for funding in an oil refinery.

That’s even though the then-deputy minister Nene was the chairperson of the PIC board.

The PIC’s executive head of impact investing, Royith Rajdhar gave his testimony at the commission on Monday.

The younger Nene later dropped out of the deal due to BEE issues.

Nhlanhla Nene

“In hindsight when we look back we do see that Nene involvement was possibly to open up the deal for Mizra. They seemed more like friends than business partners…” Rajdhar told the inquiry.

And once the PIC invested over R600-million into S&S Refinery in 2015, without Siyabonga in the deal, the asset manager struggled to get financial reports.

The commission will sit again on Tuesday.

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Source: eNCA

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