Picture: for illustration purposes
The intricate network of Zane Moti's extensive R2-billion money relocation operation continues to unravel. Moti's Zimbabwean mining enterprise, African Chrome Fields (ACF), has reportedly played a central role in what appears to be an intricate capital flight from Zimbabwe and money inflow into South Africa through questionable channels. An alleged key player in this scheme is an underground financier, known as "Joe Dollars", a reputed Moti associate.
In December 2017, Moti's Group in South Africa signed nearly identical loan agreements with Ultra Trading 014. Questionable property development loans, channelled via money-laundering prone VBS Mutual Bank, found its way into Moti's business under the control of “Joe Dollars”. Little accountability accompanied these loans, with no real consequences for non-repayment on Moti's end.
The ties between Moti and “Joe Dollars” tightened in late 2017 and 2018, when payments from VBS Mutual Bank directed towards the Moti Group used the reference "Ultra trading 014". While this points to possible violations of capital controls in Zimbabwe, the source of this money remains unclear. Most of the money injected into the Moti Group did not come via VBS, hinting that other money laundering channels could be involved in these transactions.
An ostensibly re-routed capital, an approximate R355-million loan, which was supposed to be paid to Ultratrading 014 was suddenly cancelled in June 2018. This money was converted into shares in another Moti’s enterprise, known as Afrique Chroma, via a clandestine agreement. This deal valued Afrique Chroma, allegedly a chrome processing company with ground-breaking technology, at an incredible R1.5-billion.
However, shadowy figures like “Joe Dollars” and his partner Imraan Ismael, deny any involvement in these convoluted transactions. While Moti maintains that all the actions were above board, millions of Rand were shifted across borders in a scheme fraught with denials and unanswered questions. Further investigations are set to reveal more on this developing story.