Thamane and CEDA are currently under the microscope from government and craft investigators. Trade and Entrepreneurship Minister, Tiroeaone Ntsima, has launched a forensic audit to probe the dealings at the Agency whilst on the other hand Directorate on Corruption and Economic Crime (DCEC) is investigating Thamane. While many former employees are languishing in poverty due to failure to service CEDA loans, Thamane allegedly moved swiftly to introduce a policy he had rejected before. This was in November following calls for his suspension and an audit at the Agency by citizenry. A forensic audit was eventually announced in December and Thamane would then be suspended in January. According to sources, in 2021 CEDA commissioned a review of the conditions of service. The project team which was tasked with reviewing the conditions came with several proposals. One of the proposals was to allow employees leaving CEDA to continue servicing their staff loans at prevailing market rates. The proposal revealed that the practice with commercial lenders was to allow people leaving employment to service their loans without demanding full payment. At an executive committee meeting to consider the proposal, Thamane was allegedly furious and shot down the suggestions deeming them unnecessary.
“He went on to engage the union on the matter telling them they had no mandate to make proposals and demands for ex-employees. That their mandate, was purely limited to the collective bargaining agreement. That proposal was therefore buried,” a source said. Perhaps realising his end was near he allegedly raised the issue at the Senior Management Meeting of November 27, 2024. Sources claim that the issue was not on the agenda at the time with none of his executives knowing it was coming. It is alleged that Thamane said there was need to clean the loan book which was in the red and allowing CEDA ex-employees to repay their loans in line with market rates would address that. “That was a complete, sudden and unexpected 360 degrees turn from a firm opposer of this. As expected, his management team endorsed it,” a highly placed source who attended the meeting said, adding that management even clapped for Thamane for bringing this proposal to light. Thamane’s proposal Thamane stated in his report to the board, that the purpose was to provide a detailed assessment of the performance of ex-employee loans to the board and make recommendations as to the further conduct of the said ex-employee loans. He stated that as part of its employee value propositions, the agency extends and offers several facilities to its employees ranging from study loans, personal loans, motor vehicle loans to mortgage loans. The loans aforesaid are afforded to employees at preferential rates and terms softer than the terms which ordinarily obtain on commercial banks. “As an example, in respect of the mortgage loans the Agency provides 100% finance irrespective of the location of the property so purchased or constructed, as the case may be commercial entities on the contrary will provide between 75% funding to 100% funding depending on the location and complexities of the transaction,” he stated. He states that one peculiar term about these loans is that as they are staff loans eligibility is dependent on an employee's continued employment with the Agency. Accordingly, should an employee leave the Agency for whatever reason, be it dismissal resignation or retirement, such a loan will immediately become due and payable.
