Moti’s ‘dodgy’ backroom deals unpacked
A seemingly suicidal corporate crusade by upstart miner Mike Miller has produced evidence suggesting controversial businessman Zunaid Moti discussed cutting dodgy backroom deals with the erstwhile CEO of the property group Rebosis.
However, Miller’s further claims of a criminal syndicate operating via the JSE are unsubstantiated and have placed him on an apparent collision course with the JSE, and with Moti and Moti’s new best friend, former Gupta associate Daniel McGowan.
The Daily Maverick reports that recordings and extensive documentation show how controversial businessman Zunaid Moti and co-conspirators appeared to devise a secret share trading scheme to sell shares in the property group Rebosis to the company’s founder and CEO, Sisa Ngebulana, involving a covert ‘revolving door’ mechanism.
The Rebosis plans were hatched in February 2020 when Ngebulana was seemingly intent on gaining greater leverage over lenders and other shareholders as the group was struggling under a mountain of debt, mainly stemming from a 2015 expansion to the UK that had been torpedoed by the Brexit vote in 2016.
DM notes that the discussion captured in the recordings involved a strange agreement whereby Moti would seemingly provide Ngebulana with the money with which to buy Moti’s shares.
Ngebulana would, however, contribute by giving Moti a R12m Lamborghini.
On the face of it, Moti would end up with the car, which was styled as an ‘option fee’, and Ngebulana with the shares.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
