Metro under the microscope for paying huge amounts for land in transactions that generate massive profits for speculators.
The months before the 2016 local election were busy times for the City of Tshwane Metro Municipality. It acquired huge swathes of land that saw a few people smiling all the way to the bank. One lucky guy pocketed more than R94 million.
The property deals were all done back-to-back, meaning there were original owners as well as an intermediate owner or middleman who had only acquired the land for a few minutes on paper before transferring it at a much higher price to a third party; the City of Tshwane. The metro used taxpayers’ money to finance the sequence of deals right from the start.