In 2000, Matodzi Resources - headed by another beneficiary of Kebble's largesse, Sello Rasethaba, former head of the Transnet tender board - acquired 50% interest in Letseng Investment Holdings SA from JCI Gold. (LIHSA held 76% of a Lesotho diamond company, the rest being held by the Lesotho government.) Matodzi paid R73m for its 50% of LIHSA.
A company in Guernsey, Letseng Diamonds Guernsey, previously held the other 50% of LIHSA. In 2002 JCI bought 40% of LIHSA from the Guersey company - for R166m, or 179% more than Matodzi had paid in 2000!
Of this sum, R99m of the purchase price was paid by the issue of 220 million JCI shares at 45c each.
At that point, LIHSA's balance sheet reflected just R340,000 in equity.
Kebble refuses to identify the shareholders of the Guernsey company, who benefited so handsomely from this deal.
With acknowledgement to Noseweek.