SOUTH AFRICAN ECONOMICS 101 EXPLAINED
You have two cows.You sell three of them to your JSE publicly listed company, using letters of credit opened by your BEE partner at the bank, then execute a debt/equity swap with associated general offer so that you get all four cows back, with a tax deduction for keeping five cows.
The milk rights of six cows are transferred via a Panamanian intermediary to a Cayman Islands company secretly owned by the majority ANC shareholder, who sells the rights to all seven cows’ milk back to the listed company.
The annual report says that the company owns eight cows, with an option on one more.
Meanwhile, you give the original two cows as a Lobola gift to Jacob Zuma for his wedding and then claim the value of ten cows back from the Reciever of Revenue.
By the time the Scorpions start investigating? No cows, No evidence.
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