Lebashe Statement – PIC Commission Report vindicates Lebashe and its directors

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Lebashe Investment Group and its co-defendants welcome their comprehensive win at the Supreme Court
November 17, 2020

As anticipated and in line with its previous stated positions, the Lebashe Investment Group is vindicated and pleased with the outcome of the Commission of Inquiry into the Public Investment Corporation (PIC) whose report was released today by President Cyril Ramaphosa, following almost 12 months of public hearings and submissions by affected parties.

Lebashe did not even warrant a mention in the recommendations of the 995-page report released today.

Warren Wheatley, the Chief Investment Officer of Lebashe said: “We have always maintained that our transactions with the PIC were above board and conducted as per the lender’s corporate governance guidelines. Secondly, our transactions have been profitable for the PIC and contributed to paying above inflation pension increases for pensioners of the Government Employees Pension Fund (GEPF), their major client.”

However, added Wheatley, “this is not the end of the matter as we are still pursuing our defamation cases against Mr Bantu Holomisa and the United Democratic Movement for the reputational damage we have suffered as a result of their malicious and reckless statements in the media that almost put our business into permanent ruin.”

“No business or individual in South Africa should suffer such reputational harm from irresponsible politicians wanting to score cheap political scores to advance their political careers. This should serve as an important lesson that there will be serious consequences for those who abuse the freedoms of speech and expression for narrow political gains,” concluded Wheatley.

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