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Oberholzer is the sole shareholder of the ‘K’ companies – Fakie

And Oberholzer denies working at Kyalami Schools.

The former Auditor-General of South Africa Shauket Fakie, who was commissioned to conduct an independent investigation into the affairs of the Resilient Group, has clarified his previous comments made to Moneyweb. The former AG now says that Hendrik Oberholzer is the sole director and shareholder of the “K” companies, which were revealed to have invested more than R1 billion in the Resilient group of companies.

Read: The mystery man with R1 billion in the Resilient stable

During an exchange with Warren Thompson on the Moneyweb@Midday show last Wednesday, Fakie had appeared to contradict shareholder registers Oberholzer had provided Moneyweb with, which showed that since December 2 2014, Oberholzer was the sole shareholder of all four “K” companies.

Extract from the Moneyweb@Midday interview with Shauket Fakie:

WARREN THOMPSON: Just to get this right, you are saying the Hafner Family Trust controlled by Mr Hafner was the sole shareholder in those “K” companies?

SHAUKET FAKIE:  The ultimate beneficiary. That’s correct.

Listen: No evidence of market manipulation, says former AG on Resilient

Fakie informed Moneyweb over the weekend that after reviewing his supporting documents, he erred when stating that Hafner was the sole shareholder of the “K” companies. He clarified the situation as follows: “The ‘K’ [companies] are financed by Mr Hafner through RCG. RCG, in turn, is [a] subsidiary of Sentola Limited, which is owned by the Hafner Family Trust. So the ultimate beneficiary of RCG is the Hafner Family Trust.”

With the knowledge now that Hafner funded the share purchases of Oberholzer’s companies, and that the Hafner Family Trust owns Sentola Limited and RCG Trade and Finance, Moneyweb computed Hafner’s exposure to the Resilient stable (provided in the table below), which indicates Hafner appears to be a billionaire a few times over: 

Shares held by the ‘K’ companies, Sentola Limited, and RCG Trade and Finance, in the Resilient Stable

Company

Shares held March 29 2018

Share price April 16 (R)

Value (R’m)

Resilient

                           10 680 134

               62.98

672.6

Fortress A

                                903 090

                16.25

14.7

Fortress B

                             2 187 424

                15.48

33.9

Greenbay

                         581 408 944

                  1.29

750.0

Nepi Rockcastle

                             8 266 140

             132.00

1 091.1

Total

 

 

2 562.3

Source: Moneyweb, author’s calculations

When it was suggested to Fakie that Hafner appeared to be going to great lengths to hide his identity with the funding mechanism employed with the “K” companies, and why he appeared to extend loans of high quantity to them without any security, Fakie replied: “Yes, we did explore that and he provided some personal reasons for doing this.”

Roque Hafner was asked similar questions, including what his relationship to Resilient CEO Des de Beer is. He provided the following response: “All other relevant matters have been dealt with in Mr Fakie’s report, and will be dealt with in the correct forum in due course.”

That aside, Hendrik Oberholzer denies having ever worked at the Kyalami Schools, which incorporates Beaulieu Preparatory School, Kyalami Preparatory School and Beaulieu College. Moneyweb made two specific requests concerning the association with Kyalami Schools to Oberholzer on February 6 and 7 this year, to which he never responded. Last Friday was the first time he specifically denied having had any association with the group.

Moneyweb understands that the trading of shares by the “K” companies is done through Nedbank Private Wealth. Given the nature of the relationship and the structure of the funding between Hafner and Oberholzer, inquiries were made to see whether what Moneyweb had been told was consistent with what had been presented to the bank.

Nedbank provided the following statement: “We are bound by considerations of banker-client confidentiality and, therefore, cannot provide any personal information regarding our clients. We can, however, confirm that we are comfortable with our internal processes followed in Nedbank Private Wealth Stockbrokers business.”

COMMENTS   8

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This Resilient / Hafner / K Companies saga seems more and more like a rat trap. If it walks like a duck and quack like a duck, it most probably is a duck.

This Resilient matter is old news, Google Supreme Holdings and Roque Hafner. Perhaps this is just recycling the proceeds of Supreme Holdings and Investments at arms length for pretty obvious reasons !

Wiese used all the banks he could bully in the world to fund him buying control of Steinhoff.

De Beer/Oberholtzer use Hafner Trust

Whats the problem? As long as they do not defraud investors or have a corrupt relationship with a Markus Jooste – type – – – move along…no news here.

BUT I share your concern and thank you for your investigation.

Investigative journalism is much needed in SA today, given all the rouges and vagabonds

But Sunday in Rapport Oberholzer denied it was his money.

“O what a tangled web we weave when at first we set out to deceive…..”

Now Nedbank Private Wealth should be asking questions like’ Where did you get this money….?”
And SARS about some donations tax and things like that…….
The Fakie-report is nothing but a poor attempt at a cover up, as the market reaction has shown.

What about Fakie’s SARS and money laundering comments…did he change that as well?

So…bottom line is all the FICA and RICA regulations and requirements are going to double.
Punish the law abiding because of the duplicity and questionable behavior of the few.

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