The Case Against Mayor Geoff Makhubo

Mayor Geoff Makhubo, first as an office bearer in the ANC and later as the MMC of Finance for the City of Johannesburg, was the owner of Molelwane Consulting, a firm hired by the Gupta-linked Regiments Capital to allegedly manage their relationship with the City.

Makhubo 1

This related to the contract to manage the City’s multi-billion rand sinking fund. Makhubo allegedly earned a minimum of R30 million from Regiments Capital for ensuring that they were awarded this lucrative tender, and for acting as their influence broker in the City while serving as the MMC of Finance.

Investigation reports revealed how Regiments Capital emailed a ‘cheat-sheet’ to Makhubo which he allegedly used when awarding the tender. This included a shopping list of decisions that Regiments required the City of Johannesburg to make to their financial benefit.

Makhubo Cheat Sheet

When the time came for the sinking fund to be put out again to tender, Regiments were disqualified in the initial rounds of the process. An intervention halted the tender process, started it over again and Regiments Capital were once again awarded the tender to manage the City’s multi-billion sinking fund.

Shortly thereafter, a subsidiary of Regiments Capital was given the rights to develop the land above the Sandton Gautrain Station. Despite the obvious value of this land, it was effectively given away for free to the Gupta-linked company by the City of Johannesburg.

Investigations further alleged how the wives of both former Mayor and now Deputy Minister, Parks Tau, and Makhubo benefitted from share growth from R3 to R50 million through a consortium deal involving Regiments Capital.

To this day, it remains unclear whether Makhubo continues to benefit from his relationship with Regiments Capital.

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