Chairman Dithapelo Tshotlego however revealed that the Trust coordinator has been suspended. While he confirmed that investigations into alleged mismanagement of funds are complete he would not reveal the findings, and said they are still consulting their legal advisors on the issue. Those implicated said Tshotlego, would face a disciplinary hearing.
The Trust is also under pressure to pay back the P12 million it received from the now dissolved Citizen Entrepreneur Assistance Equity Fund (CEMAEF). CEMAEF came into the picture around 2007 when National Development Bank (NDB) wanted to auction the Trust shopping complex and the financial institution was approached to take over the loan from the bank and clear the debt on the Trust's behalf. They paid the P12 million loan, inclusive of interests from 2001 to 2008. Hence an agreement was reached between CEMAEF and the Trust to use the rentals from shops in the mall as monthly instalments. The Trust has already received a letter from CEMAEF that states that failure to pay the loan in full will result in the mall being sold. "We have engaged a lawyer to assist us to source funds from other financial institutions so that we do not lose the mall. We are pushing hard and we cannot afford to lose the property," said Tshotlego. He cited another challenge in that the Ministry of Lands and Housing has been turning down their proposal to demarcate the land. "There has been serious allegations of funds mismanagement and it has also emerged that funds from the past auctions of the Trust's property has been mismanaged. We are working very hard to restore the image of the Trust hence the suspension of the coordinator."
