Durban – The Ingonyama Trust Board has denied that R41 million was siphoned out of their bank account in three separate transactions.
The chairperson of the board, Judge Jerome Ngwenya, said all the money was for investment purposes and it was legitimately paid to these entities.
This is contained in Ngwenya’s report, which has been made public after King Misuzulu kaZwelithini demanded last week that the board must account after the debacle where it was reported that the payment of the R41m caused ructions within the board.
He gave the Ngwenya-led board seven days to do so.
The king said he was demanding accountability because he wants every leader in society to lead in an honest manner.
In his report Ngwenya gave a detailed explanation of how they ended up paying the money to these three entities and where the matter is now.
In his report he also emphasised that all money disbursed on behalf of the trust was sanctioned by the board.
“These decisions were a product of vigorous interaction. Secondly, payments were made to the Ingonyama Holdings or firms of attorneys which were instructed to assist the Ingonyama Holdings because of its limitations on capacity.
“Disbursing monies to or on behalf of the holdings was and is no different to those similarly disbursed for or on behalf of the board.”
He said that Ingonyama Holdings needed to have income-generating investments and identified a number of projects which, if executed, would bring meaningful change to the beneficiaries of the trust.
“Hence the holdings resolved that these could be overcome by ensuring that they go via the attorneys’s trust accounts with certain conditions pertaining to the release of such funds.
“These funds were released in accordance with the instructions and dictates of the board, the trustee and Ingonyama Holdings. These were paid to three legal firms, one trust and tax consulting firm, and to two members of companies of the MCA team.
“The details are available for confirmation and authentication.
“To our knowledge there is no amount lost or siphoned, neither has the attorneys failed to account.
“The recipients can attest to this … Noting the reasons for the failure to meet the target in accordance with the MCA, a dispute was declared on behalf the Ingonyama Group.
“This is where the process is currently,” Ngwenya said in his report.
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