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Wesizwe Platinum refutes allegations by Mr D J Phologane on Ledig Community upheavals

13 April 2015

Wesizwe Platinum refutes allegations by Mr D J Phologane on Ledig Community upheavals

 

The small village of Ledig, just outside of Sun City in the North West Province, saw a rise in community dissent and upheavals over the weekend whereby the print media reported blockages of roads. To quote the media, it is alleged that Mr. DJ Phologane “who is the chairman of the community investment arm, Bakubung Economic Development Unit (BEDU), said the issue was stoked by some members of the royal family to shield themselves from disclosing what happened to the R12 million they (royal family) got from Wesizwe platinum mine”.

The Management of Wesizwe Platinum Limited and the Bakubung Platinum Mine refutes the alleged assertion made by Mr. DJ Phologane - the allegations are  intentionally misleading, baseless and completely devoid of any truth.

 

As previously disclosed by Wesizwe, the facts are as follows:

 

(1) The Board of Wesizwe Platinum Limited passed a resolution on 12 March 2010 authorising the Wesizwe management to provide financial support to the Bakubung ba Ratheo through a loan facility, for the specific purpose of funding the litigation to which Mr. DJ Phologane, Musa Capital Advisors (PTY) Limited and 25 others where respondents. 

(2) The forensic investigation and litigation was initiated by the members of the Bakubung Ba Ratheo Community and its Leadership.

 

(3) Wesizwe offered financial support for legal and forensic investigations costs after being persuaded by the Department of Mineral Resources, due to the importance of the community asset. Such support was limited solely to aid the litigation process intended to resolve and recover the proceeds of the currently disputed monetization process.

 

(4) The forensic investigation was conducted by the Johannesburg-based KPMG and the legal work was done by Webber Wentzel Attorneys. The financial support was intended for activities relevant to the investigations and litigation.

 

(5) Wesizwe directed all the payments to KPMG and the expenditure is auditable and has been fully disclosed in the relevant annual reports.

 

(6)  The management of Wesizwe Platinum wishes to emphasize that none of the financial support provided in this matter was utilized for the personal enrichment of the community or members of the Royal family as litigants in this matter.

 

For more information on Wesizwe Platinum Limited or the Bakubung Platinum Mine development, visit the website - www.wesizwe.com or contact Mr Hamlet Morule, Executive: Corporate Affairs and Investor Relations, on 011 994 4600 or email: hamlet@wesizwe.com


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