Sakhumnotho chair Sipho Mseleku disputes the account of consortium leader Lawrence Mulaudzi that Dan Matjila forced the two bidders to merge ahead of the lucrative deal
The executive chair of a BEE company “imposed” on a competitor at the request of the Public Investment Corporation during the bidding process for a stake in Total SA in 2015 has strongly disputed the allegation that his company was favoured by Dan Matjila, then CEO of the state-owned asset manager.
Mulaudzi testified before the commission in March about how Sakumnotho muscled into the deal at the insistence of Matjila to acquire a BEE stake in Total SA after the PIC had previously signed a “binding engagement letter” with Kilimanjaro which, in Mulaudzi’s view, implied exclusivity. Mseleku says they heard about the potential sale of the 30% stake in Tosaco by the current BEE shareholders in June 2015. He inquired with Matjila about funding from the PIC and was told in no uncertain terms that the PIC was not to going to engage with any of the bidders until the process had determined who the preferred bidders were.
“Mr Mulaudzi and I had a brief discussion and mutually agreed that there can only be one winner out of the process. We then agreed to merge our consortiums and split the share 50-50. The reason for us agreeing to merge our consortiums was so that we can have a win-win situation and to increase both our chances of success,” Mseleku said.“Surely if the funder takes a bidder to meet another bidder they are giving you a message,” she asked him.
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