- Exposes Bluthorn financial scandal
- Shocking Eune Englebrecht financial misappropriation
Eune Englebrecht influenced my role and operated behind the scenes using my name.
Greetings fellow citizens and the nation at large. I am Tiyedze Kamodi, who joined Bluthorn Holdings in April 2017 as Chief Financial Officer (CFO). My primary responsibilities encompassed overseeing the financial matters of the group.
Englebrecht is the mastermind behind the multi-million Pula financial scandal involving Bluthorn Fund Managers (BFM).
BFM has minority shareholders at 10 percent each while majority shareholding of 60 percent is held by Blu Thorn Procurement Solutions, which is 100 percent owned by Blu Thorn. Blu Thorn in turn is owned by Eune Engelbrecht (40 percent), Kelebogile Sibisibi (40 percent), and Henk J van der Merwe (20 percent).
I was appointed director by Eune appointed without my knowledge or consent. I neither signed any consent forms for the directorial appointment nor received any payment for the roles in various companies to which he appointed me.
The administration and operation of Bluthorn and associated companies exhibited an excessive concentration of power under Eune’s authority. This centralised authority was supported by individuals such as his mother Isabel Engelbrecht, Henk Van De Merwe, and at a later stage, a certain Thinus Van De Merwe.
The intimidating environment, particularly when deviating from instructions, instilled a fear of job insecurity, diminishing both my voice and impact. My role as a member of staff was reduced to swiftly executing instructions to facilitate timely payments.
Eune played a pivotal role in directing the flow of funds and determining allocations for investment. Serving as the ultimate authority on cash flow within the business, he issued instructions on the allocation of investment funds.
Eune wielded significant influence over project approvals and fund disbursements, particularly for deals involving internal companies. Although there existed a credit committee, certain deals bypassed its formal review process and were instead addressed in ad hoc meetings where Eune advocated for their consideration or funding—examples being the Trillobite and De Beef Fertiliser Plan. In some instances, if these deals were processed through the credit committee, it was primarily for the sake of paperwork to facilitate payments.
Eune failed to ensure that the operational teams were adequately equipped with the technical skills necessary for the business model he spearheaded. Despite multiple requests I made for comprehensive technical training on our activities and implementations, such training was not provided until I insisted on having Henk’s assistance. Even after Henk’s arrival, my request for the same technical training went unfulfilled. Throughout this period, there was never a day where we convened to thoroughly analyse the prospectus – a highly technical document that I had proposed be workshopped for better comprehension. The prevailing encouragement, particularly after the company’s liquidation, was for us to read on our own. This approach seemed deliberate, possibly to keep us uninformed about the model and incapacitated to fully implement the presented blueprint, leaving vulnerabilities that could be exploited by Eune and his South African team.
Since 2018, I diligently endeavored to recover the money, but my efforts faced consistent hindrances from Eune, particularly concerning internal companies. He directed me and my collection team to afford these companies leniency or cease applying pressure. Following such instructions, any attempts to push or pressurise were met with reports to Eune, leading to a forced halt in our efforts. This created an atmosphere of intimidation, especially with powerful and seemingly untouchable internal companies. On occasions, Eune remained unresponsive to my collection strategies or purposefully delayed responses. Consequently, I found myself handling collections virtually single-handedly with my small team, supplemented later by lawyers engaged for the purpose.
Mr. Kopanang Thekiso, the liquidator, summoned me to his office on multiple occasions to collaborate on the effort to recover funds. I supplied the sole surviving database containing company records, a pivotal contribution that proved instrumental in advancing the case, given the loss of physical records and the absence of the company’s server. The liquidator successfully secured the laptop utilised for all transactions, the comprehensive database of debtors, and enlisted resource personnel, with whom I assisted in deciphering the data. Anticipating a collective effort involving the liquidator, client lawyers, and the court of law—as I had communicated during the last court session in September 2022—I looked forward to working together to pursue the recovery of the funds.
During the last court session in 2022, I was not afforded sufficient time for questioning. Following my revelation of some improprieties at Bluthorn, I have been constrained in my attempts to expose the manipulation and brainwashing activities that transpired at Bluthorn.
