This was a press briefing for the ages – if you were able to follow a money trail that may or may not exist. Tokyo Sexwale came out all guns blazing on Thursday, diving deep into the mythical ‘Heritage Fund’. The public figure believes that the government is embezzling funds from the state coffers – but it could well be Mr. Sexwale who has been defrauded.

Who scammed who? Tokyo Sexwale on the Heritage Fund

The official line from SARB is that Sexwale fell victim to the very common ‘419 scam’ – Spokesperson Ziyanda Mtshali stated that the renowned businessman was duped by his partners, and tricked into ploughing a large chunk of his billion-rand fortune into this Heritage Fund. Several prominent South Africans have allegedly fallen victim to this.

However, Sexwale tells the story differently. And his account on Thursday – part-engrossing, part-rambling – has painted a trail of greed, deception and deceit. It’s just hard to know who exactly has been caught out…

  • – Tokyo Sexwale says he was approached to be joint holder of the “Heritage Fund” in 2018, to fund ANC projects
  • – He claims he investigated the businessman behind the fund, who initially seemed to be genuine.
  • – Once he realised this money hadn’t been going where it was meant to go, Sexwale says he raised the alarm.
  • – The veteran politician stated that both Tito Mboweni and Paul Mashatile saw this as a scam.
  • – Who exactly is scamming who at this point is still unclear – but Sexwale is adamant that the government is being dishonest.
  • – According to the 68-year-old, the Heritage Fund meant for the public is ‘being accessed by the president and his comrades’.
  • He’s also frustrated that Ramaphosa ‘blue-ticked’ him when challenged on the Heritage Fund.

What is the Heritage Fund?

Sexwale said he and another unnamed person raised billions of rands that were provided by an extremely powerful family. He also suggested the former and sitting presidents, Jacob Zuma, and Cyril Ramaphosa, were aware of the fund since 2016 – before alleging that at least one of the pair had ‘stolen’ money from the so-called Heritage Fund.

“The funds of the White Spiritual Boy Heritage Fund have been unlawfully accessed and transferred to six accounts in the SARB which don’t belong to Mandated Account holders. This constitutes a serious offence. The funds were further moved to three Reserve Bank accounts in South Africa and to individual accounts in London, Malaysia, and the UAE.”

Tokyo Sexwale

Tokyo Sexwale and ‘Clark Leong Boey’ – partners or scammers?

According to the former minister, the money was meant for higher education and social relief purposes. Although he alleges the financial flows DID enter South Africa, the money seemingly ‘did not go where it was meant to go’. Sexwale is accusing Ramaphosa and his colleagues of taking the cash for himself – but these claims remain unverified.

“Please don’t make the mistake… that money is not South Africa’s money. It belongs to a man in Asia. It’s not a South African fund. It’s money responsible for development in the African continent and in India. The fund runs from Singapore and is owned by a Chinese man by the name of Chuck Leong [Clark Leong Boey]. He must be checked out.”

“I handed documents to SARB Governor Kganyago with proof of money laundering and fraud from within the bank – but the governor never responded. I warned the president that the money had been deposited into illegal accounts in other countries including the UAE.” | Tokyo Sexwale

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Presh JM Reporter

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