Johannesburg – The controversial R34.1m loan by the National Empowerment Fund (NEF) to fund Luminance, Khanyi Dhlomo’s luxury store in Hyde Park, was not exactly paid back, as announced recently.
In fact, an unknown funder refinanced the loan. Dhlomo, who did not respond to questions posed by City Press, did not confirm this.
Philisiwe Mthethwa, CEO of the NEF, announced last week that Ndalo Luxury Ventures (NLV), which trades as Luminance, had “settled its loan obligations in full”. This was only partly true and it implied that Luminance had done so well it was able to repay the loan. The loan became known last year, shortly before the NEF placed a moratorium on new loan applications.