Saai lays charges after excessive GEPF transaction
6 February 2020
Saai – an organisation that protects the interests of family farmers – laid charges on behalf of one of its members at the Brooklyn Police Station today after the Government Employees Pension Fund (GEPF) paid R586,5 million for a 60% share in a 1 028 hectare portion of farmland.
The member of Saai, Jaco Engelbrecht, is a part-time farmer and teacher from Koffiefontein who contributes to the GEPF every month. Saai also gave the case number to the Hawks’ Serious Crimes Unit.
Saai became aware of the transaction after an advertisement was published in the 31 January 2020 edition of Landbouweekblad. It was initially advertised that farms IP (564) with 481 hectares and Palmietfontein (403) with 547 hectares had both been purchased by the GEPF. However, the title deed indicates that the GEPF only bought 60% of portion 97 of Palmietfontein (403) for the amount of R586.5 million.
Motswala City sold portion 97, measuring 547 hectares, for about R10 million to Isago@N12 Development Pty Ltd in 2007. The city’s 2016/2017 valuation roll indicates that the property had been valuated for R16,55 million at that stage. IP (564) was bought in 2007 for R8,75 million in the same transaction and the city’s 2018/2019 valuation of the property was R8,97 million.