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Molefe ‘slush fund’: ATM data links R11m in cash deposits to ex-Eskom boss locations

Daily Maverick · · 2114 words · By Pieter-Louis Myburgh
open_in_new Read the original article: https://www.dailymaverick.co.za/article/2026-03-25-molefe-slush-fund-atm-data-li…

fact_checkFact-Check Results

12 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

check_circle Corroborated 7
help Insufficient Evidence 2
schedule Pending 2
info Single Source 1
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“An alleged slush fund linked to Brian Molefe received the bulk of its substantial cash 'earnings' through deposits at ATMs located near properties that the former Eskom and Transnet boss owned at the time.”
CORROBORATED
Multiple web search results report the claim that an alleged slush fund linked to Brian Molefe received cash earnings through deposits at ATMs located near properties he owned, citing Daily Maverick's investigation.
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wikipedia NEUTRAL — Siyabonga Innocent Gama is a South African politician and a member of Parliament (MP) for the uMkhonto weSizwe Party (MK). He was elected to the National Assembly of South Africa in the 2024 South Afr…
https://en.wikipedia.org/wiki/Siyabonga_Gama
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wikipedia NEUTRAL — Seeng Mmabatho Nthabiseng Mokoena-Zondi is a South African politician who is a Member of Parliament (MP) for the uMkhonto weSizwe Party (MK). She replaced Brian Molefe in 2026. She is a former ANC You…
https://en.wikipedia.org/wiki/Mmabatho_Mokoena-Zondi
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wikipedia NEUTRAL — Moses Sipho Mbatha is a South African politician and a former Member of the National Assembly of South Africa for the Economic Freedom Fighters (EFF) party.
https://en.wikipedia.org/wiki/Sipho_Mbatha
+ 3 more evidence sources
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“Cash deposits at ATMs near Eskom’s Johannesburg headquarters drastically increased only after Molefe’s move to this state-owned enterprise (SOE).”
CORROBORATED
Two separate web search results indicate that cash deposits at ATMs near Eskom's Johannesburg headquarters increased after Molefe moved to the SOE.
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wikipedia NEUTRAL — Crime in South Africa includes all violent and non-violent crimes that take place in the country of South Africa, or otherwise within its jurisdiction. When compared to other countries, South Africa h…
https://en.wikipedia.org/wiki/Crime_in_South_Africa
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wikipedia NEUTRAL — Knowledge Malusi Nkanyezi Gigaba (born 30 August 1971) is a South African politician who represents the African National Congress (ANC) in the National Assembly. He served as a cabinet minister betwee…
https://en.wikipedia.org/wiki/Malusi_Gigaba
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web search NEUTRAL — An alleged slush fund linked to Brian Molefe received the bulk of its substantial cash "earnings" through deposits at ATMs located near properties that the former Eskom and Transnet boss owned ...
https://www.dailymaverick.co.za/article/2026-03-25-molefe-sl…
+ 2 more evidence sources
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“Palcocap’s FNB account received roughly R11-million in cash deposits between November 2013 and July 2018.”
CORROBORATED
Two web search results specify the timeframe and the approximate amount of cash deposits into Palcocap's FNB account.
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web search NEUTRAL — We'll unpack the roughly R11-million in cash deposits Palcocap received in its FNB account between November 2013 and July 2018.
https://allafrica.com/stories/202603250118.html
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web search NEUTRAL — FNB’s Fusion Premier Account came out tops, with a total cost of R236 for a list of 30 transactions. Kamal Kalian, CEO of FNB premier banking, says the bank has made a deliberate shift from product-ce…
https://www.businessday.co.za/bd/companies/financial-service…
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web search NEUTRAL — All savings + investment accounts. Cash deposits.ETFs available to you from FNB. The Ashburton Collective Investment Scheme in Securities Exchange Traded Funds ("the Scheme") is appointing a new manag…
https://www.fnb.co.za/share-investing/exchange-traded-funds.…
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“The data betrays a remarkable physical proximity between those ATMs that were most frequently used to pay cash into the Palcocap account and Molefe’s properties and places of work.”
CORROBORATED
Multiple web search results state that the ATMs most frequently used for Palcocap cash deposits were physically close to Molefe's properties and places of work.
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web search NEUTRAL — Daily Maverick unpacks the Molefe-linked Palcocap account, which received millions of rands in mysterious cash deposits around the time of Molefe’s infamous visits to the Guptas’ Saxonwold compound.
https://www.dailymaverick.co.za/article/2026-03-02-revealed-…
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web search NEUTRAL — MK MP Brian Molefe. Picture: © Phando Jikelo/Parliament of SA. More than R11.3 million in cash deposits is at the centre of an investigation into finances tied to State Capture. A Daily Maverick inves…
https://www.ewn.co.za/2026/03/27/state-capture-era-slush-fun…
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web search NEUTRAL — The data betrays a remarkable physical proximity between those ATMs that were most frequently used to pay cash into the Palcocap account and Molefe's properties and places of work. We made several eff…
https://allafrica.com/stories/202603250118.html
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“A former Transnet driver and bodyguard informed the commission of multiple instances where he ferried Molefe to the Gupta compound.”
CORROBORATED
Multiple web search results confirm that a former Transnet driver and bodyguard testified about ferrying Molefe to the Gupta compound multiple times.
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wikipedia NEUTRAL — Brian Molefe is a South African businessman and business executive. He was elected as a member of the National Assembly, representing the UMkhonto we Sizwe, in the 2024 South African general election.…
https://en.wikipedia.org/wiki/Brian_Molefe
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wikipedia NEUTRAL — The Gupta family is a wealthy and influential business family from India, with close ties to former South African President Jacob Zuma and his administration. The family's most notable members are the…
https://en.wikipedia.org/wiki/Gupta_family
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wikipedia NEUTRAL — Transnet SOC Ltd is a large South African rail, port and pipeline company, headquartered in the Carlton Centre in Johannesburg. It was formed as a limited company on 1 April 1990. A majority of the co…
https://en.wikipedia.org/wiki/Transnet
+ 3 more evidence sources
info
“The Zondo Commission found reasonable grounds to believe Molefe may have committed corruption by accepting gratification to influence contracts favoring the Gupta enterprise.”
SINGLE SOURCE
The web search results mention the Zondo Commission's investigation into Molefe and the Guptas, suggesting findings of corruption, but none of the provided evidence explicitly quotes or details the 'reasonable grounds' finding from the final report itself, relying on general reporting of the inquiry's scope.
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wikipedia NEUTRAL — Brian Molefe is a South African businessman and business executive. He was elected as a member of the National Assembly, representing the UMkhonto we Sizwe, in the 2024 South African general election.…
https://en.wikipedia.org/wiki/Brian_Molefe
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wikipedia NEUTRAL — The Gupta family is a wealthy and influential business family from India, with close ties to former South African President Jacob Zuma and his administration. The family's most notable members are the…
https://en.wikipedia.org/wiki/Gupta_family
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wikipedia NEUTRAL — The Judicial Commission of Inquiry into Allegations of State Capture, Corruption and Fraud in the Public Sector including Organs of State, better known as the Zondo Commission or State Capture Commiss…
https://en.wikipedia.org/wiki/Zondo_Commission
+ 3 more evidence sources
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“In January 2014, someone made two ADT payments of R10,000 each into Palcocap’s FNB account using an FNB machine inside the Carlton Centre.”
CORROBORATED
Multiple web search results corroborate the specific details regarding the two R10,000 ADT payments made in January 2014 at the Carlton Centre.
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web search NEUTRAL — In January 2014, someone made two Automated Deposit Teller (ADT) payments of R10,000 each into Palcocap's FNB account, using an FNB machine inside the Carlton Centre.
https://www.dailymaverick.co.za/article/2026-03-25-molefe-sl…
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web search NEUTRAL — In January 2014, someone made two Automated Deposit Teller (ADT) payments of R10,000 each into Palcocap's FNB account, using an FNB machine inside the Carlton Centre.
https://www.europesays.com/africa/152185/
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web search NEUTRAL — 11.2 Banking accounts and documents (EMG6B) Bank accounts (EMG6C) Bank account A financial account that can be opened with a financial institution, e.g. absa, fnb, nedbank, etc. When you open an accou…
https://www.siyavula.com/read/za/mathematical-literacy/grade…
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“Between November 2013 and July 2018, Palcocap received cash deposits in its FNB bank account totalling R11.3-million.”
CORROBORATED
Multiple web search results corroborate the total amount (R11.3 million) and the timeframe (November 2013 to July 2018) for the cash deposits into Palcocap's FNB account.
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web search NEUTRAL — We'll unpack the roughly R11-million in cash deposits Palcocap received in its FNB account between November 2013 and July 2018. Our analysis of the Palcocap inflows offers compelling evidence.
https://allafrica.com/stories/202603250118.html
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web search NEUTRAL — More than R11.3 million in cash deposits is at the centre of an investigation into finances tied to State Capture.This latest report looks more closely at the inflows to the account. "We look at how t…
https://www.ewn.co.za/2026/03/27/state-capture-era-slush-fun…
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web search NEUTRAL — From business & personal banking to savings & investment, then open one with FNB today.
https://www.fnb.co.za/
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“The cash deposits were made at 35 identified FNB ATM locations, with 84% of deposits occurring in Gauteng.”
INSUFFICIENT EVIDENCE
No evidence was provided in the gathered evidence section for this claim, and the web search returned no results for this specific claim.
help
“The FNB at the Irene Village Mall in Centurion received R3.42-million in deposits, which was 31% of Palcocap’s cash earnings.”
INSUFFICIENT EVIDENCE
No evidence was provided in the gathered evidence section for this claim, and the web search returned no results for this specific claim.
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“Brian Molefe’s principal residence in Gauteng was located within 2.4 km of the Irene Village Mall FNB ATM.”
PENDING
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“The FNB branch in Hartbeespoort received 46 cash deposits totaling nearly R880,000 between December 2014 and April 2017.”
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info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.