DBSA chief denies Land Bank link

The Development Bank's chief executive yesterday denied involvement in a reported case of fraud allegedly perpetrated by Land Bank officials.

The Development Bank's chief executive yesterday denied involvement in a reported case of fraud allegedly perpetrated by Land Bank officials.

Paul Baloyi was responding to a Sunday Times article that claimed he was one of Amber Mountain's directors. The company allegedly received about R300million in taxpayers' money from Land Bank officials to develop an upmarket. equestrian estate on the KwaZulu-Natal north coast.

"The article is incorrect. I am neither a director, nor a beneficiary, nor a shareholder in Amber Mountain Investments," Baloyi told the Johannesburg Press Club yesterday.

"I am not a beneficiary of any funding from the Land Bank."

He said his immediate response to the article had been "shock and outrage".

Baloyi added that he acknowledged the independence of the media.

Top Land Bank officials have allegedly siphoned off more than R2billion meant for farmers to fund their friends' ventures, the report said. - Sapa

X