MUSA Capital Advisors, the company that allegedly swindled a 30000-strong rural community of R700million in mining shares, finally admitted to having sold the Bakubung-Ba-Ratheo tribe's wealth.
And the two American businessmen Antoine Johnson and William Jimmerson, who are implicated in the community losing this fortune, also admitted that they were the sole directors in companies they claim to have invested the community's money in.
These revelations were made in a statement issued by Musa Capital, saying the shares were sold in two transactions that exchanged direct ownership for indirect ownership and a cash payout totalling R500million.
The statement indicates the community is the dominant shareholder in African Continental Resource ventures that bought the community and other institution's Wesizwe Platinum shares.
Musa Capital said it was an important fact that the community knew what it was doing when it entered into the monetisation transaction, had valid reason to do so, used proper authorisation and was satisfied with the results of the strategy.
To date no evidence has been made public that shows the community has shares in Wesizwe.
A concerned community member from the Bakubung-Ba-Ratheo tribe, Roseman Matshoba, said the community was never consulted about its shares being sold.
Matshoba said only Musa Capital and their traditional council accomplices were aware of this matter.
He said Musa Capital claimed they had nothing to hide, but they were "refusing to submit the documents required by the administrator in court".
Musa Capital said it was a private equity firm with 15 years' experience operating throughout sub-Saharan Africa.
But according to the Financial Services Board, Musa Capital did not apply for permission to operate in the advice category in its initial application and should not have advised the Bakubung-Ba-Ratheo tribe, who are BEE partners of Wesizwe Platinum.
Documents in Sowetan's possession show that Musa Capital only registered in 2007.
The matter is still in the Mafikeng high court.
We sold tribe's R700m shares
MUSA Capital Advisors, the company that allegedly swindled a 30000-strong rural community of R700million in mining shares, finally admitted to having sold the Bakubung-Ba-Ratheo tribe's wealth.
And the two American businessmen Antoine Johnson and William Jimmerson, who are implicated in the community losing this fortune, also admitted that they were the sole directors in companies they claim to have invested the community's money in.
These revelations were made in a statement issued by Musa Capital, saying the shares were sold in two transactions that exchanged direct ownership for indirect ownership and a cash payout totalling R500million.
The statement indicates the community is the dominant shareholder in African Continental Resource ventures that bought the community and other institution's Wesizwe Platinum shares.
Musa Capital said it was an important fact that the community knew what it was doing when it entered into the monetisation transaction, had valid reason to do so, used proper authorisation and was satisfied with the results of the strategy.
To date no evidence has been made public that shows the community has shares in Wesizwe.
A concerned community member from the Bakubung-Ba-Ratheo tribe, Roseman Matshoba, said the community was never consulted about its shares being sold.
Matshoba said only Musa Capital and their traditional council accomplices were aware of this matter.
He said Musa Capital claimed they had nothing to hide, but they were "refusing to submit the documents required by the administrator in court".
Musa Capital said it was a private equity firm with 15 years' experience operating throughout sub-Saharan Africa.
But according to the Financial Services Board, Musa Capital did not apply for permission to operate in the advice category in its initial application and should not have advised the Bakubung-Ba-Ratheo tribe, who are BEE partners of Wesizwe Platinum.
Documents in Sowetan's possession show that Musa Capital only registered in 2007.
The matter is still in the Mafikeng high court.
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