Tito Mboweni lies budget

Photo: GCIS

Tito Mboweni dismisses Tokyo Sexwale’s missing ‘Heritage Fund’ claims

Mboweni and the South African Treasury and Reserve Bank rubbished claims made by Tokyo Sexwale about a secret fund that is being stolen from.

Tito Mboweni lies budget

Photo: GCIS

The Minister of Finance Tito Mboweni dismissed claims by ANC veteran and prominent businessperson Tokyo Sexwale that billions of rands raised to fight COVID-19 and help poor students have been stolen from an undisclosed “Heritage Fund”.


Sexwale dropped the bombshell on the eNCA talk show Truth to Power, which is hosted by JJ Tabane, on Sunday night, 18 April 2021. Sexwale said he and another unnamed person raised billions of rands that were provided by an extremely powerful family.

“I am part of two people who are in charge of the Heritage Fund that belongs to a very powerful family out there in the world,” said Sexwale.

“This fund is here in South Africa already, it comes through the SA Reserve Bank,” he added. “I’m part of two people who are mandate holders.”

Sexwale also claimed the former and sitting presidents, Jacob Zuma and Cyril Ramaphosa were aware of the fund since 2016, saying both made reference to the money, although in not so many words, in speeches.

“In the process of making sure this money is brought into the economy, we found some resistance. And when we checked the resistance, we found some of this money has been stolen,” said Sexwale.


At 14:33 on Monday, Mboweni addressed Sexwale’s claims in a tweet and said: “You cannot steal transmitted money from the central bank. How?” The finance minister described the ANC veteran’s statement about the stolen money as “unfortunate” and suggested that Sexwale was the victim of a swindle.

Shortly after 17:00, the South African Treasury and Reserve Bank released a joint statement, which dismissed the allegations made by Sexwale as a “common scam.”

“National Treasury and the SARB have previously received correspondence from Mr Sexwale and many others that alleges that billions of rands have been stolen from a fund that has been referred to as the ‘White Spiritual Boy Trust’ and which was set up by a foreign donor,” read the statement.

An individual named Godwin Erin Webb is the alleged mandated representative of the fund in South Africa, which allegedly contains trillions of dollars. A SARB investigation found no record of the existence of the fund and relayed this finding to Sexwale in writing, the Reserve Bank added that it informed Sexwale that given its “experience and knowledge” in this and other similar matters, the only conclusion to be made was that the alleged fund was a scam.

“It should be noted that Mr Sexwale is not the first prominent person acting on behalf of a Mr Webb or an unknown donor, foe such funds, and such requests can be traced to many years before 2016,” read the statement.


According to the statement, all cross-border transactions are reported to the SARB by commercial banks, who act as Authorised Dealers in foreign exchange transactions, therefore, the SARB concluded that there is no evidence to support the existence of the funds mentioned by Sexwale.

The Reserve Bank went a step further and put the onus on Sexwale and his partners to prove the Heritage Fund’s existence.

“If Mr Sexwale believes otherwise, the onus is on him and his unknown sponsor to provide independent written proof of the existence and/or transfer of such funds, as well as certified copies of actual identification and citizenship of such ‘donors’, in line with the normal FICAtype anti-money laundering requirements. Allegations of theft of non-existent funds have no validity,” concluded the statement.

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