DIDG Speaks On 'Cancelled' NRZ Recapitalisation Deal

The Diaspora Infrastructure Development Group (DIDG) has responded to a report that Transport Minister Joel Biggie Matiza has announced the re-tendering of the NRZ recapitalisation deal.

In a statement on Thursday, DIDG said the report was factually inaccurate and wanted to set the record straight. Part of the statement read:

The facts of the matter are as follows: proof of funding was provided timeously. The Herald has been provided with the proof of funding that includes funds from ABSA, Nedbank and other banks, with Afreximbank as the lead arranger. This a matter of fact, not speculation.

No contractual deadlines have been missed;

No cancellation has been communicated by the authorised legal body dealing with this matter. It is unprofessional to purport to cancel commercial agreements through newspapers;

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The Joint Ventures Act is clear on remedies where equity partner changes arise, no legal issues arise from Transnet;

The only outstanding matter is the signing of the JV Agreement.

Last month, Secretary for Information, Publicity and Broadcasting Services Ndavaningi Nick Mangwana announced that government had cancelled the US$400 million deal with DIDG after it failed to provide proof of funding before the agreed deadline as well as excluding Transnet, which was part of the consortium.

More: The Herald