The Kebble collusion: The story of the world’s greatest unprosecuted fraud

There are some who would say that the Brett Kebble 'saga' is over - or at least that it's been fully explained. The Kebble Collusion shows that nothing could be further from the truth. This is a story that starts unfolding 15 years ago, in 1997, and which stretches out to the present day. And it is a story of the world's biggest unprosecuted fraud. How is it that not a single person has been prosecuted where damages of R26 billion can be proven? The narrative unravels this remarkable story, which covers the period of Brett Kebble's reign as a 'Randlord', from around September 1997 until his death on 27 September 2005, and then continues to unravel the cover ups which continue to this day. Brett Kebble was in control of the 'JCI Group' - comprising mainly three entities listed in Johannesburg: JCI, Western Areas, and Randgold. The heart of Kebble's 'empire' was his standing as the biggest individual shareholder in JCI; JCI's single biggest investment, in turn, was a large stake in Western Areas; which, in turn, initially held a large stake in South Deep, one of the world's biggest unexploited gold deposits, not far west of Johannesburg. As such, Brett Kebble's single biggest personal investment, indirect as it may have been, was in South Deep. This was the status quo from around September 1997, and persisted for the rest of Kebble's life. From Day One, the link between Kebble and South Deep completely dominated Kebble's decision-making, for good or for ill. Building the South Deep gold mine cost many billions of rands. A large part of the funds Western Areas had to contribute to build South Deep was stolen from Randgold. The bulk of Randgold's listed portfolio was stolen by Kebble and JCI. The shares stolen realised some R1902 million. The initial recipients of the proceeds of the thefts were JCI (R926 million), Western Areas (R450 million), Kebble and associated parties (R420 million) and Investec (R106 million). The highest value that the stolen shares reached after the theft is R26 000 million. In South Africa, the condictio furtiva allows a thief to be sued for the highest value of goods stolen, at any time after the theft. Randgold liquidated the estate of Kebble. It issued summonses against Western Areas (which changed its name to Gold Fields Operations after Gold Fields acquired its total issued share capital) and Investec. The JCI claim was settled for R783 million and the claims against Investec and Western Areas were effectively abandoned. The book shows in detail how and why the various individuals and entities that conspired with Brett Kebble to hide and benefit from this mind-boggling fraud have failed to be brought to account, either in the civil or criminal courts. The narrative speaks truth to power, exposing as it does the tender underbelly of South Africa's young democracy. It is essential reading for all those dedicated to building a better country.

Table of Contents:
A genius goes gold mining: The making of the menace; the roots and branches of Randgold Resources; Brett Kebble's version of JCI; Wreckage in the fast lane; R90.9 million looted cash hurled at DRD; Brett Kebble's would-be mega mining house. The hunts that wiped Brett Kebble out: Brett Kebble's first very serious looting; JCI's catastrophic option on DRD's 'sale shares'; a case of extreme cannibalism; who were the two 'anonymous' banks?; one last attempt to be Master of the Universe; ripping through foreign exchange laws; Brett Kebble remains on his hind legs; BNC: full circle to Monty Koppel; Allan Gray's blind bet on Investec. Investec reinvents the wheel: The 'new' boards of directors; Western Areas: a more nuanced invasion; from stage left: Peter Henry Gray. The inside battle over billions of rand: The factual matrix of R1.9 billion in looted shares and cash; eight tied to Brett Kebble's nether regions; digging out some individual fat cats; a further matrix of stolen shares; T-Sec: billion rand boiler room; KPMG Services: jokers supreme; Peter Henry Gray and KPMG Services: they were stoned, they missed it...; a mega case... nearly; the settlements; the settlements, by name. The great scorer adds it all up: Oblivion: the Scorpions open up a major case against Kebble & Co; the gangsters; welcome to the machine.

About the Author :
Barry Sergeant was born in Lusaka, and raised there and in Botswana, in Gaborone and the western Kalahari. After graduating with two degrees from Wits in Johannesburg, he was admitted as an advocate, but almost immediately crossed into journalism. In the early 1990s Sergeant took a planned 'short sabbatical' into investment banking. These are some of the roots of this remarkable book. Sergeant brings his incisive pen, his wit and his determined investigative doggedness to the narrative. He is the author of the bestselling title Brett Kebble: The Inside Story.