CEDA in dicey impasse with VPB
Friday, October 09, 2015
At the centre of the standoff are differing opinions between the parties over how to value some of the investments that VPB had made on behalf of the agency under the CEDA Venture Capital Fund (CVCF).
Under a 10-year deal, VPB was in 2003 tasked to manage the P200 million fund and invest in different economic sectors through either debt or equity. Appearing before a Parliamentary Committee on Statutory Bodies and State Enterprises yesterday, CEDA CEO Thabo Thamane said they are currently finalising an audit, which will inform them on whether to take the deadlock to arbitration or not.
The findings reveal a disturbing pattern of misconduct and lack of transparency that cannot be ignored.The Tribunal, led by Judge President Justice Kabelo Lebotse, has rightly condemned the Ministry for its eyebrow raising conduct in awarding a P1.8 billion water tender to China Civil Engineering Construction Corporation (Pty) Ltd and Zhong Gan Engineering & Construction Corporation (Pty) Ltd.The award was made despite alleged clear evidence that...