By: Natasha Archary
The Special Investigating Unit (SIU) has confirmed that Terry Pheto’s multi-million Rand National Lottery funded home is to be auctioned.
Pheto’s house was built with funds linked to siphoning of the National Lottery Commission (NLC) grant funding, and will be auctioned on Thursday, 02 March.
On 18 May 2017, Zibsimode NPC applied for grant funding for the roll-out of a public campaign and culturally sensitive medical intervention projects aimed at achieving traditional circumcision practice.
The house of Moitheri Pheto that was built with funds linked to siphoning of the National Lottery Commission (NLC) grant funding will be auctioned on Thursday, 2 March 2023 at 11h00. pic.twitter.com/pcmYWnbwJL
— Special Investigating Unit (SIU) (@RSASIU) March 2, 2023
The National Lottery Commission’s Adjudication Committee approved the application and grant funding of R20 264 091.
Over R16 million was paid into Zibsimode’s Bank account, which prior to receiving the funds only had a balance of R500.
Zibsimode transferred R3 million from the NLC to a law firm. The firm was mandated by a construction and property development company (construction company) to attend to all its contractual and litigious matters.
One of the projects undertaken by the construction company, was to purchase land valued at R1 250 000 and develop it into residential estates in Bryanston.
Terry Pheto approached the company to purchase a property. The building agreement with a contract value of R3 750 000 and the land sale agreement with a contract value of R1 250 000. The total purchase price for the property amount of R5 million.
Pheto advised that R3 million would be deposited into their Trust account as a deposit towards the R5 million.
The auctioning of Pheto’s home is a continuation of the implementation of the SIU investigation outcomes and consequence management to recover assets and financial losses suffered by State institutions and/or to prevent further losses.
Also read: SK Khoza reportedly closes ‘The Black Door’
Written by: Natasha
National Lottery Commission SIU Special Investigating Unit Terry Pheto
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