JOHANNESBURG SOUTH AFRICA 16 May 2014 (SOUTH AFRICA)
JOHANNESBURG - The Mail & Guardian newspaper is reporting that President Jacob Zuma helped clinch a deal in 2010 that saw a US investment firm hand over $2 million to his nephew's controversial mining company.
The paper claims Zuma had a meeting with a representative from Global Emerging Markets in which he encouraged the firm to invest in Aurora Empowerment Systems, which is owned by the president's nephew, Khulubuse. The money was then reportedly misappropriated.
Mail & Guardian reports a director of the company claimed the president had a clear conflict of interest when he encouraged the company to invest in Aurora.
Zuma allegedly involved himself in July 2010 when Aurora was desperate to raise funds in order to buy Pamodzi Gold Mines out of liquidation.
The newspaper further claims there is no evidence that the president or his nephew were involved in the claimed misappropriation.
The matter is still the subject of a police investigation.
(Edited by Refilwe Pitjeng)
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