UDM leader Bantu Holomisa wrote to President Cyril Ramaphosa accusing prominent business people of being involved in large scale corruption at the Public Investment Corporation (PIC).
Holomisa accuses a company by the name of Lebashe Investment Group of being in bed with the Corporation's CEO Dan Matjila to benefit from funding deals.
He claims to have uncovered the involvement of other individuals and companies in the pillaging of the institution.
Holomisa's allegations have been described as malicious and defamatory by the Black Owned Investment Group and plans to sue.
They are talking nonsense because they have confirmed that they did get money from PIC and they said they are still servicing that loan. So we want to know what criteria was used to get that money.— Bantu Holomisa, UDM leader
We are asking the President to extend power to the current commission of inquiry on state capture. If they have anything to say, they must go to the commission of inquiry.— Bantu Holomisa, UDM leader
Holomisa says they want to see if President Ramaphosa will take action on these allegations. He says though they have been in the public domain for a while now, no action is being taken.
He says he took a decision to write an open letter because nothing has been done about these allegations.
To hear the rest of the interview with UDM leader Bantu Holomisa, listen below: