I want a loan for R600 million that I only pay back if I ever get in the mood!

There is a spat going on between Lulu Xingwana, the land affairs minister, and Themba Langa, who she fired this week as the chairman of the embattled state-owned Land Bank.

Amongst all the usual red-herrings, we have this gem:
Another issue involved a loan, which Langa said was worth R600 million, to Ushukela, a black empowered sugar company. Langa claimed not a cent had yet been repaid.

Ushukela now owed the Land Bank R640 million, including interest, yet the bank had not even sent a letter of demand to the debtor, he said.

A clearly angry Xingwana (Minister of Land Affairs) said: "I cannot discuss confidential matters of clients with a third party." She said she had become involved when the possible closure of a sugar mill Ushukela had purchased from Illovo Sugar threatened the harvest of about 5 000 black small farmers.
full story from Business Report here
The last Board of the Land Bank was dismissed amongst accusations of misspending R2 billion, loans to the connected for all sorts of speculative ventures. So I can't help wondering if the minister or someone close has an interest in Ushukela.

The plundering continues