The CEO of the National Empowerment Fund (NEF) has furnished me with a detailed reply, which disputes the version apparently put to the Honourable Member.
In the reply, the CEO advises that the NEF “discussed the investment opportunity with the client to prepare the investment report and potential investment terms. Some key challenges arose during the due diligence stage of the application. Consequentially, in terms of due process, the application did not proceed to the Investment Committee of the NEF for final approval. A solution is being explored with the seller to address the outstanding information required to finalise the due diligence process and to ensure that the rights of all parties are protected. The opportunity is still available, and the seller is willing to work with the NEF to find a solution to the impasse emanating from his past reluctance to share the required information.”
I will be happy to arrange a discussion between the Honourable member and the NEF to provide more details.
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