State Capture
A Daily Maverick probe has uncovered that R11.3-million in cash deposits into Palcocap (Pty) Ltd's account were made at ATMs near properties and workplaces of former Eskom and Transnet CEO Brian Molefe. The deposits, totaling 706 transactions from November 2013 to July 2018, made up 93% of the company's earnings. The findings raise questions about the origins of the funds amid Molefe's past links to the Gupta family.
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Newly obtained bank records link Brian Molefe, the uMkhonto Wesizwe party's treasurer, to an apparent slush fund that funded overseas trips, a wedding, and other expenses during the State Capture era. The Palcocap account received over R11 million in unexplained cash deposits between 2013 and 2018. Daily Maverick's investigation highlights suspicious transactions tied to Molefe's lifestyle.