HARITH ENDS NKOSI SABELO RELATIONSHIP WITH IMMEDIATE EFFECT
(The following is a reformatted version of a statement issued by Harith General Partners and received via electronic mail. The statement was confirmed by the sender.)
Harith General Partners terminates relationship with Nkosi Sabelo Incorporated (INC) with immediate effect.
In the light of the issues raised by media reports we have considered it prudent to terminate this relationship until these matters have been resolved.
We have communicated this decision to Nkosi Sabelo incorporated (INC) and the company is in full support of our decision.
Harith deals with public funds and to the extent that these revelations may damage our reputation and therefore our ability to continue to trade on the basis of trust and integrity, we thought it prudent to disassociate ourselves with the law firm until such time the investigations have been exhausted.
We will co-operate with any investigation in this matter fully.
We are not prejudging Nkosi Sabelo Inc firm of lawyers.
As an organisation, we would like to categorically and emphatically state that no one undeserving was paid by us or we were used as a conduit for any unethical behaviour contrary to our values.
We are by proud of our skills and experience and take our reputation and integrity seriously.
Harith was invited to partake in this mandate and duly presented its credentials to a joint board committee of PetroSA. This board committee also had a shareholder representative. The board committee was specially constituted and delegated to consider the identification, acquisition and funding of the downstream asset. In the course of executing our mandate, Harith also presented numerous times, in excess of at least 8 times, to the joint board committee and the board of PetroSA.
The terms and conditions of our mandate were negotiated with PetroSA after the presentation of our credentials to the board committee.
On project Irene we used Nkosi Sabelo because of their previous experience in the sector. They assisted us speaking to shareholders of target company preparing them for our approach. And this was in the nature of the confidentiality of the matter. They also undertook several international trips on our behalf. We paid Nkosi Sabelo for the worth of their work. We are confident of the skills base they brought, their experience and the value add to our work.
We were not privy to the HSBC mandate neither were we aware that Mr Sabelo acted for PetroSA on the termination of the HSBC contract. We also did not have sight of any work done by HSBC on behalf of PetroSA in this mandate as PetroSA did not share this with us. Our engagement started on a clean footing and we are proud of our achievements and the milestones recorded in making this deal possible. The notion that this deal was a foregone conclusion is patently false. We can vouch for our work carried out in this deal. We assert that we are appropriately skilled and experienced to handle this project.
Our experience speaks for itself as characterized by our portfolio which comprises 10 investments, namely an oilfield service company operating out of Nigeria, an African focused independent power producer, a West Coast undersea cable linking the West Coast of Africa to Europe through a landing in Portugal, a GSM operator in Kenya, a terrestrial telecommunications infrastructure company operating out of South Africa, three airports, a bridge in Cote d’Ivoire, the largest renewable project currently being developed on the continent, and the headquarters of the SADC in Botswana.