Parliament probes Brainworks Capital

Despite claiming to have sealed indigenisation deals worth over $1 billion in an advisory capacity to government, a local advisory firm has failed to satisfactorily explain why it has decided to write off what it claims to be rightfully entitled to as payment.

Appearing before the Parliamentary Portfolio Committee on Youth, Indigenisation and Economic Empowerment, Brainworks Capital, who claim to have facilitated indigenisation deals worth over a billion dollars with the National Indigenisation and Economic Empowerment Board (NIEEB) failed to explain how they were given such work without going through tender.

Under siege from legislators who demanded clarity on why Brainworks has also decided not to pursue its outstanding payments which it initially claimed, the company representatives failed to give satisfactory answers and only said they now regard the work done as national service.

Brainworks claimed to have facilitated indigenisation deals with mining companies acting on behalf of NIEEB.

The company would then charge 2 percent of the total deals clinched with mining companies ceding 51 percent shareholding to government.

The company was supposed to earn varying amounts with the Zimplats deal set at $971 million, MIMOSA $550 million, Unki at $242 million and Blanket Mine $80 million.