I am advised by the CEO of the Industrial Development Corporation of the following details related to the question:
“The total value of the IDC approved loan was R48,5 million for the manufacture of compressed logs targeting mainly the braai and fireplace market. The logs were to be branded as Eco Blaze and manufactured from recycled green waste. There were repayment terms specified for the loan. The loan agreements are structured in line with the cash-flows of the business.
“The Deputy Minister of Public Enterprises, Mr Ben Martins did not play any role in securing the loan for Semona Eco.
“The IDC’s investment decision-making process is such that no single person can take a decision on whether or not to invest in a particular project. This is a decision reserved for various investment committees within the IDC.
“To date the IDC has obtained judgment against Semona Eco and its guarantors. Additional steps taken are listed below:
Mr Geoffrey Qhena, IDC CEO.
-END-