Maharaj report puts FirstRand in focus
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IN A NEW twist to the allegations dogging former transport minister Mac Maharaj, Deloitte & Touche has looked at whether FirstRand had any conflict of interest in awarding a controversial toll-road contract in 1998.
Maharaj joined the group in 1999 as a director after he quit his cabinet post, but has come under fire for allegedly taking payments from controversial businessman Schabir Shaik.
His future at the bank will be decided in seven days after he responds to the report. FirstRand chairman GT Ferreira said that the probe also looked at how FirstRand benefited from the N3 deal. Its Rand Merchant Bank division was a major funder for Shaik's winning consortium, and FirstRand director Barry Adams was the chairman of the National Roads Agency which was party to the decision to award the contract to the N3 Toll Road Consortium. Rob Rose
Full story: Page 3
Aug 01 2003 07:41:46:000AM Business Day 1st Edition
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