EXPOSED: Molefe Caught in R11 Million Scandal

Fresh financial records have directly linked former state-owned enterprise heavyweight Brian Molefe to R11-million in unexplained deposits.

The discovery follows a probe into Palcocap (Pty) Ltd, a company tied to Molefe during his tenure at the helm of both Transnet and Eskom.

Bank documents reveal that these multi-million rand payments occurred between 2013 and 2018, allegedly funding a lavish lifestyle that included his 2016 wedding and extensive international travel.

Investigative journalist, Pieter-Louis Myburgh, identified a suspicious pattern of small cash deposits, often between R5 000 and R15 000, made at ATMs over short periods.

This technique, known as “layering”, is a common money-laundering tactic used to evade bank detection.

“This is when a would-be alleged money launderer takes what is a larger amount and effectively breaks it down into smaller batches to avoid regulatory scrutiny,” Myburgh explained.

The investigation further interrogates why bank oversight failed to flag these transactions to the Financial Intelligence Centre (FIC) - especially given Molefe's high-profile status.

Myburgh highlighted that banks are required to perform enhanced due diligence on individuals publicly linked to corruption.

He specifically referenced previous Zondo Commission testimony alleging that Molefe received bags of cash from the Gupta family.

These supposed links to the Guptas are expected to undergo intense scrutiny to determine the original source of the funds, as the investigation into this massive paper trail continues to broaden.