It simply pays to be related to “Number 1” It is amazing how, if you are related to number one in the country, that you can go from zero to hero in a very short time! On the 11th July 2010, Zuma entertained Chris Brown, a Director of the New York Investment Company, Global Emergency Markets at his official residence in Pretoria, and pleaded with him to invest R 20 million into the Aurora Empowerment Systems, owned by Khulubose Zuma (Zuma’s brothers son’s) business as it at the time were experiencing financial difficulties and was desperately looking for money to prevent the liquidation of its Pamadozi Gold mine . Well if ‘number 1’ so nicely asks you and you are entertained in his official residents, then who can say no? On the 17th August 2010, the money was paid into an FNB account in Lenasia, an account that was opened by Thulani Ngubane, one of Zuma’s business partners. And since – the money has disappeared and no one can account for it! But the story continues – Khulubose Zuma is sitting on an R 100 billion oil fortune in the Democratic Republic of the Congo, which he obtained with the help of his uncle – none other than number one! In 2010 Joseph Kabila allocated two oil fields in the northeast of the country to Zuma, at the request of number one, as he felt that the untapped Democratic Republic of the Congo’s oilfields should also benefit “South Africa, the ruling party and the Zuma family!” Kabila needed South Africa to bring security in the area around the oilfields, so that he can reap the tax and production agreement benefits. These oil field being part of Kabila’s “smash and grab” after his presidential decree in June 2010 in which he appropriated the oil fields from Irish Oil giant Tullow Oil and allocated it to Khulubose Zuma. Khulubose set up two companies in the British Virgin Islands (a haven for corporate anonymity), - Caprikat and Foxwhelp, who then signed sharing agreement contracts for the oil blocks and the exploration of them with the Democratic Republic of the Congo’s government represented by Kabila. The oilfields are the largest in the Sub-Sahara Africa and were found in the lake Albert Rift Basin, which straddles the DRC-Uganda border, with the fields containing an estimated 2 billion barrels of oil. It should however be noted that Khulubose Zuma has absolutely no experience in the oil exploration whatsoever. Caprikat and Foxwhelp production share agreement accords it 60% of the net revenue for the first 12 million barrels of crude oil, that will later drop to 55% (12 0oo 000 x 60% = 7,2 million x $110 per barrel = $ 79,2 million X R 10.36 = R 820,512m.) Caprikat and Foxwhelp only ‘paying’ (of which no proof can be found) $6 million (R60 million) “management fee” for the concessions. Khulubose Zuma signed the contract with the DRC on behalf of Caprikat, while Jacob Zuma’s legal advisor, Michael Hulley, signed the contract on behalf of Foxwhelp (obviously to benefit number one) A cool R 820,512 million for just being related! But that is not where it ends – Zuma agreed with Kabila to develop the “Grand Inga Project” – a hydro electrical power complex situated in the DRC’s mighty Congo River, which will cost a staggering $80 - $110 billion (R828 billion – R1 trillion), and in October 2013 Jacob Zuma signed an agreement to jointly develop the project with Kabila in his personal capacity. South Africa does not have the money to develop Inga alone, but the involvement of South Africa in the project is vital as the energy recipient and underwriter to any investor. And yet again, the key role player in ultimately benefitting from it – Khulubose Zuma. A billionaire in the making, one can safely say, just by knowing the right person, and being related to him.
Posted on: Mon, 19 May 2014 21:23:18 +0000
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