Joburg mayor’s name cleared

DeWeeParksTau7 Joburg mayor’s name cleared

Johannesburg mayor Parks Tau has been cleared of irregularly benefiting from a financial transaction involving a consortium in which his wife is a minor shareholder.

“The findings vindicate the mayor and prove that he has acted with honour and integrity throughout the process,” chief whip Prema Naidoo was quoted as saying by The Star today.

Tau’s wife, Philisiwe Twala-Tau, was a minority shareholder in Coral Lagoon, the newspaper reported.

One of its shareholders, Regiment Capital, was reportedly appointed with Umbono Fund Managers in 2006 to manage the city’s sinking fund for five years.

A sinking fund is used to reduce debt by repaying or purchasing outstanding loans and securities.

According to the Star, the city’s integrity commissioner Jules Browde found that newspaper reports claiming Tau had influenced the decision to award the management tender to Regiment Capital were unfounded.

The post Joburg mayor’s name cleared appeared first on City Press.

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