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.
Daily Maverick's investigation into Palcocap (Pty) Ltd, a company linked to Brian Molefe, reveals patterns in cash deposits that align closely with his residences and offices during the State Capture era. Between November 2013 and July 2018, the account received R11.3-million through 706 deposits, mostly in amounts of R5,000 to R10,000, often in batches exceeding R200,000 daily. These formed 93% of Palcocap's earnings, with 84% from Gauteng ATMs, according to the analysis of FNB bank records. Notably, the Irene Village Mall FNB in Centurion, 2.4 km from Molefe's then-home in Cornwall Hill Country Estate, handled R3.42-million across 221 deposits. Other nearby Centurion ATMs added R1.92-million and R230,000. Deposits near Hartbeespoort (R880,000), Mookgophong (R97,000 near his Limpopo property), and Plettenberg Bay (R49,000) followed similar proximity. After Molefe's April 2015 move to Eskom CEO, deposits surged at Woodmead FNB, 2.6 km from Megawatt Park headquarters, totaling R426,000—96% post-move—and ceased after his November 2016 resignation. The probe notes prior reporting that Palcocap funded Molefe's 2016 wedding. This comes amid past scrutiny: Thuli Madonsela's State of Capture report documented Molefe's Saxonwold visits and calls to the Guptas during multibillion-rand Eskom deals, while Judge Raymond Zondo's commission cited driver testimony of Molefe carrying cash-filled backpacks from Gupta meetings. Zondo concluded there were 'reasonable grounds to believe that Mr Molefe may have committed the crime of corruption'. On 13 Gupta contact dates in Madonsela's report, cash deposits occurred on eight, either same-day or next. Molefe, now uMkhonto Wesizwe treasurer, and Palcocap's director did not respond to requests for comment.
