#PICInquiry continues today. It’s a full day of witnesses. First on the stand is Lawerence Mulaudzi. He is said to be a recent beneficiary of PIC funding. He wants to put his version to the Inquiry specially around assistance he gave Pretty Louw. #eNCA

In 2015 his company Kilimanjaro Capital wanted to make an offer to Total SA(TOSACO) because they wanted to dispose of their investment as it had reached maturity. This is when they made a request to meet with them PIC CEO Dan Matjila. #eNCA #PICInquiry

#PICInquiry After meeting with the PIC this is when KiliCap prepared an investment consideration pack and funding support request from the PIC. They also made funding requests to Nedbank & Standard Bank. #eNCA

#PICInquiry KiliCap got non-bonding funding support letter from Nedbank in June 2015. The apic also gave them a letter expressing interest in supporting them. #eNCA

#PICInquiry hears how various process were being followed in order for the PIC to consider the assistance to KiliCap. The company needed to work closely with the PIC submitting documents for due diligence reports. #eNCA

#PICInquiry During another meeting Matjila had told Mulaudzi that another group is interested in the transaction. It was then asked if the other company had gone through the same due diligence report and “a response was not forthcoming” #eNCA

Mulaudzi tells the #PICInquiry that his team of KiliCap felt vindicated as they were basically forced to to get into the deal with Sakhumnotho. This is after Matjila said that company should take 50% of the deal. #eNCA

Gill Marcus asks if Sakhumnotho went through the same due diligence process that KiliCap went through. Mulaudzi tells #PICInquiry that best to answer is Sakhumnotho. But he explains how KiliCap went through months of rigorous processes to get the due diligence report done. #eNCA

Mulaudzi says the approval for KiliCap was for an acquisition of 91.8% of Total South Africa's Consortium's (Tosaco's) for R1.7bn as well as an approval for a R300m development facility for Tosaco Retail. He confirms that the facility fee is not being used. #eNCA #PICInquiry

#PICInquiry Mulaudzi claims the retail dev facility fee had made no progress due to the negative media articles in 2016. He wanted the retail to have black entrepreneurs to own & operate service stations & allow them to be be shareholders. #eNCA

#PICInquiry Mulaudzi says he is still willing to get the Toto retail dev facility to operate as he is hopeful this will create jobs and will benefit the PIc, clients and aspiring business people. Judge Mpati says it’s a great idea and he is glad Mulaudzi is still hopeful. #eNCA

#PICInquiry asks Mulaudzi to explain the transaction fees of R100m and the allegations that the fees were not approved by the PIC.
He says the fees were paid relating to the TOSACA transaction & were captured in funding agreements in line with the investment committee. #eNCA

Mulaudzi tells #PICInquiry that the transaction fees of R100m is a direct consequence of the merger between KiliCap Sakhumnotho. The costs included advisory fees,legal feels & documts to Competition Commission applications. #eNCA

#PICInquiry It was then agreed upon in order for consortium to happen transaction fees needed to be paid. R50m for KiliCap R50m for Sakhumnotho. #eNCA

#PICInquiry is now discussing Ascendis Health Transaction. This company approached KiliCap for investment. An investment pack was then given to the PIC for consideration. #eNCA

The transaction was structured to have an investment in Ascendis of all R1bn & investment into Bounty of app R250m #eNCA #PICInquiry

It was finally decided on that an investment into Ascendis of R1.36bn and investment into Bounty of app R406m
The UIF took equity positions for both transactions. #eNCA #PICInquiry

#PICInquiry hears Ascendis has a healthy balance sheet but earnings have not maintained the same growth pace. The plan is to bring down total liabilities and disposing of some assets. #eNCA

#PICInquiry will hear how Mulaudzi got to know Pretty Louw (Matjila’s alleged lover.) This is the lady who is said to have benefited R300k from Mulaudzi. It’s believed to have been a loan initiated by then Intelligence Minister David Mahlobo. #eNCA

According to the Budlender report: Mahlobo introduced Louw to Matjila & asked him to help her out with funding. Matjila then called Mulaudzi to assist her. Initially it was believed that that she was Matjila’a gf, but the BReport showed otherwise

Mulaudzi tells the #PICInquiry that Matjila had asked him to help Louw because she is in the beauty sector & he is best to help out. He let t sit for a couple of months before getting back to Matjila. But Matjila was backed & asked for urgent assistance. #eNCA

Mulaudzi was told that Louw is unable to carry on working until she settles her debts. He said he was uncomfortable making a payment to her & would rather do it straight to the sheriff. He made a first payment of R150k to lawyers with Louw @ their offices. #eNCA #PICInquiry

Mulaudzi says that there was a perception that he needed to pay all Louw’s debt. Louw contacted him & days later he settled her sheriff debt and payed another R150k to the lawyers again. #eNCA #PICInquiry

Mulaudzi makes it clear to the #PICInquiry that at no point did he regard the R300k as a loan Or was it payment from Ascendis but it was from his own personal money. #eNCA

Mulaudzi says he has never had a personal relationship with Matjila nor did he have one with Louw. He says in hindsight he should’ve been “more bold to ask Matjila why he solicited” him Tk assist Louw. #eNCA #PICInquiry

The Budlender report that was done for the PIC in 2018 on this matter says Matjila met with Mahlobo @ the airport where he said Louw needs financial assistance of R300k. The report says that Matjila after inappropriate but he had pressure from Mahlobo. #eNCA #PICInquiry

Mulaudzi tells the #PICInquiry that as a business man he never wanted to be ostracised by Matjila. “It is known in the investment space that his influence was significant.” #eNCA

#PICInquiry asks Mulaudzi we’ll be felt he had to loan Louw the money. He says he didn’t want to seem greedy especially after the PIC had funded his companies. #eNCA

Mulaudzi is asked if he ever met Louw or knew her. He tells the #PICInquiry that when he saw her the day he met her to the money over he remembered he had met her in a social space, a spa, that she owned. #eNCA

Mulaudzi now gets into his relationship with Sibusisiwe Zulu. Who is a PIC board member. She has been implicated together with Mulaudzi over corruption at the PIC. This is from all the emails sent by “James Nogu” #eNCA #PICInquiry

Mulaudzi confirms that he is in a very serious relationship with Zulu. Their relationship seemed to develop speedily during 2017-18. He however dismisses any claims that she has benefited from his investments with the PIC. #eNCA #PICInquiry

Mulaudzi says that he wishes to place on record & under oath that Zulu has never influenced or benefited from the transactions with the PIC. It’s alleged that she got R40m from the R100m fees on the KiliCap (transactions fees) #eNCA #PICInquiry

Marcus draws parallels to deals signed with PIC & Mulaudzi & time he started dating Zulu. She says people owe him an apology. “You had to come here & explain your personal relationship because of allegations.” He got emotional & says thank you for the apology. #eNCA #PICInquiry