Question NW2428 to the Minister of Trade, Industry and Competition
16 September 2022 - NW2428
Mohlala, Ms MR to ask the Minister of Trade, Industry and Competition
What are the reasons that the National Empowerment Fund (a) approved the letter of intent for Mr Aubrey Mabao only to decline it without a due diligence and (b) now wants a contract from the specified person while they initially gave him the option of a letter of intent or a contract? [
Reply:
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 “relied on the letter of intent to conduct due diligence with the anticipation that Fairplay Hardware would issue a final binding contract prior to presenting the application to the NEF’s Investment Committee for final approval.”
I will be happy to arrange a discussion between the Honourable member and the NEF to provide more details.
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