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‘Dodgy’ UK bank at centre of Lesotho’s R2.45bn failed stadium deal

Following an expose by amaBhungane, EWN spoke to Property 2000 which is the South African company that facilitated funding for the deal.

Lesotho flag. Picture: Wikimedia Commons.

JOHANNESBURG - Eyewitness News can reveal that a UK bank used to issue proof of funds for the now-cancelled R2.4 billion Lesotho stadium project was not licenced and was possibly a scam.

Following an expose by amaBhungane, EWN spoke to Property 2000, which is the South African company that facilitated funding for the deal.

Its director, Napo Modise, initially insisted the money was available but now said his partners, who are apparently overseas, were the ones who know about the bank.

When EWN spoke to Modise this week, he was confident he had brought a solution for Lesotho to build stadiums.

“I produced a letter of proof of funds of €950 million, but the government won’t give us a guarantee,” he said.

This letter, seen by EWN, was from the Commercial Development Bank in London which the Bank of England’s Financial Conduct Authority (FCA) had cautioned clients against doing business with.

“The information that you’ve received in terms of this issuance to suggest that they have this money is likely to be a scam because it’s not an authorised firm here in the UK and they are not authorised to act as a bank,” the FCA said.

Modise referred EWN to a Pieter Van der Merwe but he too said he was yet to receive an update from his partners who were apparently in Russia.

Lesotho’s government cancelled the R2.4 billon guarantees after Property 2000 missed a deadline to issue the funds.

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