SA Money Daily | amaBhungane | The ANC, the megachurch and the mystery of the R200m money flows

SA dairy farmers face crunch as distressed transporter owes tens of millions for milk

The biggest business, economic and market news of the day.

AHMED AREFF, BUSINESS DEPUTY EDITOR

On a balmy evening in June 2015, four men with deep Swazi connections were preparing to take on the night in Malaysia's capital city, Kuala Lumpur.
 

It had been a year since Sibusisiwe Mngomezulu was posted at the Eswatini High Commission in Kuala Lumpur as a counsellor and, as evidenced by the picture of the group posted by his friend Musa Sibandze, he was taking a break from his diplomatic duties.
 

The blurry photo shows the men in clumsy poses behind a kitchen island covered with an assortment of half-empty liquor bottles and mixers.
 

Sitting on a bar stool in a blue V-neck T-shirt is Bongani Mahlalela, the chief financial officer (CFO) of South Africa's governing party, the African National Congress (ANC).

The man leaning on the island pointing at the camera next to him is Mngomezulu, Eswatini's current ambassador to Belgium and a brother-in-law to King Mswati III.

He was previously the head of finance, strategy and business development for the ANC's investment arm, Chancellor House Holdings.
 

On the outer corner is the youngest in this group, Craig Coglin; who, according to LinkedIn, was the group strategy director for the Coglin Media House.
 

And behind all three, with his left hand in the air, is Sibandze.
 

"We [sic] about to go out," reads Sibandze's Facebook caption. "Clear the way we're coming through."
 

While Sibandze played no role in the events described here, his three companions would get involved in more than a wild night out.
 

In the following years they would seemingly facilitate a dizzying set of transactions that would channel millions to accounts belonging to popular Eswatini Archbishop Bheki Lukhele and his All Nations Christian Church in Zion.
 

These suspicious money flows eventually attracted the attention of the Eswatini Financial Intelligence Unit (EFIU), which suspected money laundering and the possible theft of money from South Africa's governing party, the ANC.

COMPANIES

Shares in Astral Foods initially surged more than 8% after SA's largest producer said it would report a more than fivefold increase in interim earnings, even more than it previously flagged in January.

A milk transport company now in business rescue failed to pay dairy farmers millions for milk that it took from them earlier this year.

Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off bidder BHP, as activist investor Elliott further raised the stakes by increasing its holding in the takeover target.

Petrol prices will be hiked by 37c a litre on Wednesday, while wholesale diesel prices will fall.

The CEO pay gap may widen to 215 times that of the lowest-paid member of staff if certain incentive schemes come due.

President Ramaphosa's office said great strides have been made in addressing key issues affecting investor confidence.

The long-running court battle over the tender to maintain boilers at Eskom's coal-fired power stations has ended.

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