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Harith vindicated by DBSA’s independent probe

Harith General Partners (“Harith” or “the Company”) is vindicated by the findings of the Development Bank of Southern Africa’s (DBSA) independent probe on Poseidon Proprietary Limited, a water infrastructure vehicle owned by Crede Power and Infrastructure Investments (Crede).

Bantu Holomisa, the leader of the United Democratic Movement once again made defamatory and misleading allegations against Harith in June this year, regarding DBSA’s provision of a loan to Crede, an emerging infrastructure developer that was supported by Harith as part of its enterprise development programme.

In a statement in June this year, Harith said it expected Holomisa would come short once again with regards to his baseless and unsubstantiated allegations.

In response to Holomisa’s allegations, the DBSA appointed an external service provider to examine the Ultimate Beneficial Owners (UBOs) and Politically Exposed Persons (PEPs) linked to the Poseidon* transaction.

The independent probe confirmed the advanced Enhanced Due Diligence conducted prior to the Poseidon transaction that Harith Chairman, Mr Jabu Moleketi does not hold any interests, either as a director or shareholder in Poseidon Proprietary or its associated entities, which includes Harith General Partners, Harith Holdings, and Harith Holdings Employee Trust.

The probe also found that Harith Executive Director and former CEO, Mr Tshepo Mahloele had been initially identified as a PEP by virtue of being a member of the Telkom board in 2008 and his status as a PEP had been inactive since then – 12 years ago.

These findings directly contradict the false, malicious and baseless allegations made by Holomisa.

Moleketi resigned as Chairman of the DBSA Board on 31 December 2018 and therefore did not play any part in the Poseidon investment by the DBSA.

Harith is a private financial institution, and one of the largest investors in African infrastructure. We conduct our business to the highest corporate governance standards, and will continue to take all necessary steps to defend our reputation.

Poseidon is a subsidiary business of Crede that was set up to invest in water infrastructure. In turn, Harith owns 60% of Crede as part of its enterprise development programme and 40% is owned by its management. Crede’s directors are Sandile Sokhela and Alwyn Wessels. Poseidon doesn’t have a Board as it is at its establishment phase and its sole director is Sandile Sokhela.

In March this year, Poseidon’s funding to conduct feasibility studies for a portfolio of water infrastructure projects was approved by the Development Bank of Southern Africa.

About Poseidon

Poseidon is a subsidiary business of Crede that was set up to invest in water infrastructure. In turn, Harith owns 60% of Crede as part of its enterprise development programme and 40% is owned by its management. Crede’s directors are Sandile Sokhela and Alwyn Wessels. Poseidon doesn’t have a Board as it is at its establishment phase and its sole director is Sandile Sokhela. In March this year, Poseidon’s funding to conduct feasibility studies for a portfolio of water infrastructure projects was approved by the Development Bank of Southern Africa.

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