ANDILE KHUMALO: Deal that would have transformed beef industry needs resuscitation

15 March 2020 - 00:09 By ANDILE KHUMALO

In a week in which many of us are still struggling to make sense of the daily drama caused by the coronavirus epidemic, we got a reminder of our own journey to recovery from the self-inflicted disease of state capture and corruption that has sadly shaped our narrative over the past decade. The reading of the inquiry into the Public Investment Corporation's (PIC ) operations revealed various findings - mostly scathing and damaging to its management and previous boards. I'd like to focus on one of the intriguing case studies in the report: the Karan Beef transaction.

This company was the subject of a transaction that was approved by the PIC until one "James Noko" - who remains unknown until today - wrote a tell-all e-mail to the then board of the PIC making all sorts of allegations about the transaction being corrupt, fraudulent and overpriced in order to pay off politicians. For a little bit of extra spice, the deep throat also accused some board members of having romantic relationships with advisers on the deal...

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