Aurora Gold Mine Debacle

J-Pegged
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Re: Re: Aurora Gold Mine Debacle

13 years 1 month ago

Who are the Bhanas

The advisers brought in to assist Aurora, father and son team Suliman "Solly" and Fazel Bhana, have a chequered past.

In 2002 their paint-distribution cum oil-importing company, Amlac, was fined R12-million for insider trading after their share price skyrocketed from 4c to R5,28 in three months in 2000.

The company was delisted and liquidated in 2003.

The Bhanas admitted guilt but no criminal wrongdoing. The company’s directors included Solly, Fazel, Solly’s brother Mohammed Saeed and Feroze Essay.

The Bhanas are now management consultants for Aurora, while Essay is a buyer for the mine.

Another business partner of the Bhanas, Bashir Moosa, is Aurora’s financial manager.

Also in 2002 Fazel and Solly were arrested on charges relating to a R19-million VAT fraud.

According to reports, the court ordered the family to pay R5-million before bail of R100 000 was granted. The Mail & Guardian understands the Bhanas paid about R30-million to the South African Revenue Service, although Fazel says the matter was settled and no fine was paid.

Fazel (37) told the M&G that he and his father were "not on Aurora’s payroll" but contracted to the company as consultants. He was the chief strategist on mergers and acquisitions, while his father advised the company on its "funding structure".

"Our job is to strategise," he said.

Fazel described President Jacob Zuma's nephew, Khulubuse Zuma, as a long-standing family friend. "We've known Khula for a long time. We didn’t bring them on, they brought us on. He said let's do this together."

Workers at Aurora's East Rand mine said they believed that the Bhanas "call the shots" because of their almost daily presence at the mine.

"I go to the mine once or twice a week," Fazel said.

A lovely family with intrests in horse racing

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soodum
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Re: Re: Aurora Gold Mine Debacle

13 years 1 month ago

#222390

There are many lovely families in racing,tenderpreneurs,warlords,murderers,but racing sucks anybodies arse who has money,so leave yr morals at the door when entering horse racing

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JustinV
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Re: Re: Aurora Gold Mine Debacle

13 years 1 month ago

#222504

my fav part was all the investors..30 odd or whatever..solly bhana,faizer bhana,mrs bhana,miss bhana,master bhana..mr bhana's sister..granny bhana..etc etc lol

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