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{{Short description|South African fraudster and "fake billionaire"}}
{{Use South African English|date=July 2022}}

{{infobox person
<!-- continues to use honorific "Dr." despite claimed academic qualifications shown to be fake — do not fill in
| honorific_prefix = -->
| name = Mandla Lamba
<!-- | image = Mandla Lamba.jpg -->
| alt = Mandla Lamba
<!-- claimed age 25 in 2010, so 1984 or 1985 — but this info cannot be considered reliable
| birth_date = -->
| birth_place = South Africa
<!-- subject known to make false claims about academic qualifications — do not fill in
| education =
| alma_mater = -->
| occupation = [[Fraudster]]
| years_active = 2010, 2021–present
| known_for = South Africa's "youngest billionaire", "fake billionaire"
| criminal_charges = [[Fraud]], [[culpable homicide]]
| criminal_penalty = 10 years imprisonment<br/>(3 years suspended)
| criminal_status = Released
}}

'''Mandla Lamba''' is a [[South Africa|South African]] [[scammer]], known for having acquired a fake reputation as the country's "youngest [[billionaire]]" and a successful [[mining]] tycoon before being exposed.<ref name="forbes"/><ref name="iol-manyqns"/> He was arrested on [[fraud]] and [[homicide]] charges in May 2011<ref name="forbes"/><ref name="iol-arrest"/><ref name="f24-arrest"/> and was [[imprisonment|imprisoned]] before becoming active again in 2021 following his release from jail.<ref name="f24-somizi"/>

== Rise to notoriety ==
<div class="thumb tright"><div class="thumbinner" style="width:fit-content">
<div class="thumbimage" style="display:inline-block; margin:1px;">{{CSS image crop
|Image=Tshepo Motsepe 13112019 (cropped).jpg
|Alt=Tshepo Motsepe (2019 photo)
|bSize=225|oTop=0|oLeft=42
|cWidth=130|cHeight=155
}}</div><div class="thumbimage" style="display:inline-block; margin:1px;">{{CSS image crop
|Image=Cyril Ramaphosa (29653248377) (cropped).jpg
|Alt=Cyril Ramaphosa (2018 photo)
|bSize=200|oTop=26|oLeft=40
|cWidth=130|cHeight=155
}}</div>
<div class="thumbcaption" style="width:260px">Lamba falsely claimed to be a protégé of Tshepo Motsepe (left) and Cyril Ramaphosa</div>
</div></div>


In 2010, South African media hailed Lamba as an inspirational example of young [[entrepreneurship]] and [[Black Economic Empowerment]] (BEE), based on his claims of having risen from an underprivileged beginnings to become, at age 25, a wealthy [[businessman]] who owned [[gold]], [[diamond]] and [[manganese]] mines in South Africa, [[Zambia]] and the [[Republic of the Congo]].<ref name="forbes"/><ref name="CPexpose"/><ref name="iol-radio"/> He was the executive chairman of East American Resources, a "mid-tier mining company" that he claimed was worth "billions".<ref name="forbes"/><ref name="iol-manyqns"/><ref name="CPexpose"/> Lamba cultivated a public image of a successful businessman, living a lavish lifestyle and flaunting his supposed wealth by driving expensive [[sports cars]], hiring three [[bodyguards]] and spending extravagant amounts of money at [[nightlife]] establishments.<ref name="forbes"/><ref name="iol-manyqns"/><ref name="CPexpose"/><ref name="iol-radio"/>
In 2010, South African media hailed Lamba as an inspirational example of young [[entrepreneurship]] and [[Black Economic Empowerment]] (BEE), based on his claims of having risen from an underprivileged beginnings to become, at age 25, a wealthy [[businessman]] who owned [[gold]], [[diamond]] and [[manganese]] mines in South Africa, [[Zambia]] and the [[Republic of the Congo]].<ref name="forbes"/><ref name="CPexpose"/><ref name="iol-radio"/> He was the executive chairman of East American Resources, a "mid-tier mining company" that he claimed was worth "billions".<ref name="forbes"/><ref name="iol-manyqns"/><ref name="CPexpose"/> Lamba cultivated a public image of a successful businessman, living a lavish lifestyle and flaunting his supposed wealth by driving expensive [[sports cars]], hiring three [[bodyguards]] and spending extravagant amounts of money at [[nightlife]] establishments.<ref name="forbes"/><ref name="iol-manyqns"/><ref name="CPexpose"/><ref name="iol-radio"/>
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Lamba then gave an interview on November 12, 2010 with radio station [[SAfm]] in which he lambasted<!-- ha! --> several [[journalist]]s for "misquot[ing]" and "writ[ing] lies" about him, vehemently attacking and threatening the author of the exposé in particular.<ref name="iol-radio"/><ref name="iol-CRdeny"/> Lamba repeated prior allegations that there was a conspiracy by "former allies", "rivals and enemies" to "harass" and discredit him.<ref name="iol-manyqns"/><ref name="iol-radio"/> In an unusual move, prominent businessman, [[politician]] and future [[President of South Africa]] [[Cyril Ramaphosa]] personally [[phone-in|called]] the radio station to issue a public denial that neither he nor his wife, [[physician]] and businesswoman [[Tshepo Motsepe]], had any connection with Lamba, refuting Lamba's previous claims that they had been his "[[mentorship|mentors]], counsellors and parental guiders".<ref name="CPexpose"/><ref name="iol-radio"/><ref name="iol-CRdeny"/>
Lamba then gave an interview on November 12, 2010 with radio station [[SAfm]] in which he lambasted<!-- ha! --> several [[journalist]]s for "misquot[ing]" and "writ[ing] lies" about him, vehemently attacking and threatening the author of the exposé in particular.<ref name="iol-radio"/><ref name="iol-CRdeny"/> Lamba repeated prior allegations that there was a conspiracy by "former allies", "rivals and enemies" to "harass" and discredit him.<ref name="iol-manyqns"/><ref name="iol-radio"/> In an unusual move, prominent businessman, [[politician]] and future [[President of South Africa]] [[Cyril Ramaphosa]] personally [[phone-in|called]] the radio station to issue a public denial that neither he nor his wife, [[physician]] and businesswoman [[Tshepo Motsepe]], had any connection with Lamba, refuting Lamba's previous claims that they had been his "[[mentorship|mentors]], counsellors and parental guiders".<ref name="CPexpose"/><ref name="iol-radio"/><ref name="iol-CRdeny"/>

== 2011 arrest ==
[[File:2014-11-20 Johannesburg Nelson Mandela Square 01 anagoria.JPG|thumb|alt=Nelson Mandela Square in Johannesburg|Nelson Mandela Square, the site of Lamba's arrest in May 2011]]

After several months of successfully evading the police, for which he was dubbed "{{abbr|BEE|Black Economic Empowerment}} [[Houdini]]" by the press,<ref name="iol-bubble"/> Lamba was arrested in [[Nelson Mandela Square]] in [[Sandton]], [[Johannesburg]] on 10 May 2011 on 15 charges of fraud and one of culpable homicide after police were tipped off about his location.<ref name="forbes"/><ref name="iol-arrest"/><ref name="f24-arrest"/><ref name="iol-bubble"/> ''[[Forbes]]'' reported that he had supported his fancy lifestyle with a "small fortune" made from "several fraudulent deals and online scams";<ref name="forbes"/> he also reportedly failed to pay the security company that provided his bodyguards.<ref name="forbes"/><ref name="iol-bubble"/>

Lamba had actually been caught by police several months earlier, when he was arrested together with three friends and his three bodyguards at [[Cresta Shopping Centre]] in Johannesburg, in October 2010, in relation to a chain of jewellery store [[robberies]].<ref name="iol-manyqns"/><ref name="iol-bubble"/> They were released when this was found to be in error; police did not realize that Lamba was a wanted person as they had not taken his [[fingerprint]]s.<ref name="iol-manyqns"/> Lamba retained the services of high-profile [[lawyer]]<!-- Athletics South Africa: administrator; Premier Soccer League: CEO, prosecutor; high-profile criminal cases --> [[Zola Majavu]] in relation to this case, filing a {{abbr|R|Rand}}14&nbsp;million [[lawsuit]] against the police for [[false arrest]].<ref name="iol-bubble"/> Majavu quit his representation of Lamba upon the latter's arrest, citing {{abbr|R|Rand}}120,000 in unpaid fees.<ref name="iol-bubble"/>

Criminal proceedings against Lamba were repeatedly postponed to allow more time for further investigations to be conducted, as more allegations against him had surfaced following news of his arrest;<ref name="iol-postpone0517"/><ref name="iol-postpone0525"/><ref name="iol-moretime0609"/><ref name="iol-postpone0628"/> there were eventually 23 charges against him.<ref name="iol-lawyerquits"/> There were further delays when Lamba's attorney withdrew from the case, complaining that Lamba issued "contradictory instructions" each time they met.<ref name="iol-lawyerquits"/>

In June 2011, Lamba was denied bail by the [[Orlando, Soweto|Orlando]] [[magistrate's court (South Africa)|magistrate's court]] which considered him a flight risk; two residential addresses that Lamba provided turned out to be occupied by other people when investigators visited.<ref name="iol-moretime0609"/> This decision was upheld in a May 2012 appeal to the [[Johannesburg High Court]], which found that Lamba's lack of a fixed address posed an impediment for monitoring his movements.<ref name="iol-nobail2012"/>

Lamba was convicted by the [[Roodepoort]] magistrate's court in July 2015 for culpable homicide and sentenced to 10 years in [[prison]], three of which were [[suspended sentence|suspended]].<ref name="SW-ch-conviction"/><!-- what about the fraud charges? sources seem elusive. -->

== 2021 return ==
Lamba resurfaced again in 2021 as the [[organizational founder|founder]] and [[chief executive officer]] (CEO) of Agilitee, purported to be an [[electric vehicle]] manufacturer.<ref name="f24-somizi"/><ref name="iol-agilitee"/>

On July 2, 2021, Lamba appeared in a broadcast on media personality [[Somizi Mhlongo]]'s [[Instagram]] channel, where he showcased Agilitee and its upcoming products, one of which was "inspired by" and named after Mhlongo.<ref name="f24-somizi"/> Mhlongo's followers were offered "special" promotional prices on the company's [[share (finance)|share]]s; Lamba claimed that investors would receive shares worth ten times the amount that they paid for, with the shortfall covered by future [[dividend]]s.<ref name="f24-somizi"/> Prospective investors were asked to make a [[bank transfer]] to a provided bank account number before submitting proof of payment via a [[WhatsApp]] message.<ref name="f24-somizi"/> When asked about reports that Mhlongo's viewers subsequently experienced difficulties when trying contacting Agilitee by email and telephone, Lamba suggested that they may have used an incorrect email address, and said that the company had 11 employees at its call centre.<ref name="f24-CapitecAbsa"/> Meanwhile, in response to criticism for giving Lamba a platform, Mhlongo said that he "doesn't do [[due diligence]] on the companies that use him as an '[[influencer marketing|influencer]]'" and asserted that Lamba had been "[[rehabilitation (penology)|rehabilitated]]" after serving his prison sentence and "deserved a second chance".<ref name="f24-somizi"/> The company also put out a statement in defence of Lamba, saying that its [[board of directors|board]] was proud of his "ability to turn around a messy past to a great future".<ref name="f24-somizi"/>

Lamba also repeatedly made claims, both in the Instagram broadcast and elsewhere, to the effect that the banks [[Capitec Bank|Capitec]] and [[Absa Bank Limited|Absa]] were "in partnership" with the Agilitee venture.<ref name="f24-CapitecAbsa"/><ref name="mg-webinar"/> However, both banks refuted this when queried by journalists, denying that they had any business relationship with the company.<ref name="f24-CapitecAbsa"/> Absa also said that Agilitee had been warned to [[cease and desist]] from using their brand in its marketing.<ref name="f24-CapitecAbsa"/>

In another investment scheme that was also endorsed by Mhlongo, Lamba reportedly promised that members of the "Mandla Lamba Billionaires' Club" (MLBC) would be able to receive a "guaranteed" monthly income of {{abbr|R|Rand}}1&nbsp;million, for an initial investment of just {{abbr|R|Rand}}150,000;<ref name="f24-victimspolice"/><ref name="f24-FSCAwarn"/><ref name="iol-FSCAwarn"/><ref name="iol-FSCAdeny"/> some people who say they have fallen victim to this have sought help from the police.<ref name="f24-victimspolice"/><ref name="f24-FSCAwarn"/> However, other MLBC members called this a mischaracterisation of the club, saying that the money paid was "merely membership fees and not investment capital".<ref name="db-mlbcmmbrs"/> They claimed that the club was a [[non-profit organisation]], but that its members are, according to their membership tier, eligible to earn a [[commission (remuneration)|commission]] for selling "training materials" for Verityhurst Academy — another Lamba venture that teaches people "how to [[stock trader|trade shares]] on the [[JSE Limited|JSE]]".<ref name="iol-FSCAdeny"/><ref name="db-mlbcmmbrs"/>

In September 2021, South Africa's [[Financial Sector Conduct Authority (South Africa)|Financial Sector Conduct Authority]] (FSCA) issued warnings regarding Lamba and four of his ventures — Agilitee, MLBC, Verityhurst Academy, and [[private equity]] firm Verityhurst Capital — stating that they were not authorised by law to provide [[financial advisor|financial advice]] or [[financial intermediary|intermediary]] services. The FSCA statement noted reports that they were "conducting an unregistered business and offering shares to members of the public on [[social media]] and other broadcasting platforms, promising them unrealistic returns" and urged "caution" in business dealings with Lamba.<ref name="f24-FSCAwarn"/><ref name="iol-FSCAwarn"/>

Lamba responded by issuing a denial, stating that neither he nor the companies affiliated to him "provide any financial advice". According to his statement, Verityhurst Academy only offered training, and did not serve as an intermediary for trading shares; MLBC was a non-profit organisation that did not "sell any products to its members or the public", even though it "had offered shares to its members and investors were encouraged to buy shares".<ref name="iol-FSCAdeny"/> Lamba also clarified that he had left the position of CEO at Agilitee South Africa, having handed the post over to the Chief Operations Officer.<ref name="iol-FSCAdeny"/><ref name="dp-agtceo"/> However, he remained on the board of the company, and continued to serve as CEO of its [[parent company]] Agilitee Africa.<ref name="dp-agtceo"/>

== References ==
{{reflist|refs=<!-- chronological order -->
<ref name="CPexpose">{{cite news |title=Mining tycoon a lying fake |url=https://www.news24.com/citypress/southafrica/news/mining-tycoon-a-lying-fake-20101107 |date=Nov 7, 2010 |access-date=2022-07-15 |work=City Press |url-status=live |archive-url=https://web.archive.org/web/20210704055620/https://www.news24.com/citypress/southafrica/news/mining-tycoon-a-lying-fake-20101107 |archive-date=2021-07-04}}</ref>
<ref name="iol-manyqns">{{cite news |last=Hawker |first=Diane |title=So young, so rich, so many questions |url=https://www.iol.co.za/news/south-africa/so-young-so-rich-so-many-questions-730932 |date=Nov 7, 2010 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20220715175620/https://www.iol.co.za/news/south-africa/so-young-so-rich-so-many-questions-730932 |archive-date=2022-07-15}}</ref>
<ref name="iol-radio">{{cite news |last=Naik |first=Sameer |title=Damned lies, all lies - Lamba |url=https://www.iol.co.za/news/damned-lies-all-lies-lamba-746866 |date=Nov 13, 2010 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20220630083526/https://www.iol.co.za/news/damned-lies-all-lies-lamba-746866 |archive-date=2022-06-30}}</ref>
<ref name="iol-CRdeny">{{cite news |last=Hawker |first=Dianne |title=Lamba: They are denying me |url=https://www.iol.co.za/news/south-africa/gauteng/lamba-they-are-denying-me-788999 |date=Nov 14, 2010 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20210730082305/https://www.iol.co.za/news/south-africa/gauteng/lamba-they-are-denying-me-788999 |archive-date=2021-07-30}}</ref>
<ref name="iol-arrest">{{cite news |title='Youngest billionaire' is nabbed |url=https://www.iol.co.za/news/youngest-billionaire-is-nabbed-1067469 |date=May 11, 2011 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20220630083527/https://www.iol.co.za/news/youngest-billionaire-is-nabbed-1067469 |archive-date=2022-06-30}}</ref>
<ref name="f24-arrest">{{cite news |title=SA's fake 'young billionaire' arrested |url=https://www.news24.com/Fin24/sas-fake-young-billionaire-arrested-20110511 |date=May 11, 2011 |access-date=2022-07-15 |work=Fin24 |url-status=live |archive-url=https://archive.ph/jlMcq |archive-date=2022-07-21}}</ref>
<ref name="forbes">{{cite news |last=Nsehe |first=Mfonobong |title=Fake South African Billionaire Arrested For Fraud, Homicide Charges |url=https://www.forbes.com/sites/mfonobongnsehe/2011/05/13/fake-south-african-billionaire-arrested-for-fraud-homicide-charges/ |date=May 13, 2011 |access-date=2022-07-15 |work=Forbes |url-status=live |archive-url=https://web.archive.org/web/20110822073821/https://www.forbes.com/sites/mfonobongnsehe/2011/05/13/fake-south-african-billionaire-arrested-for-fraud-homicide-charges/ |archive-date=2011-08-22}}</ref>
<ref name="iol-bubble">{{cite news |last=Mokati |first=Noni |title=Cops burst Lamba's Moet bubble |url=https://www.iol.co.za/news/south-africa/gauteng/cops-burst-lambas-moet-bubble-1068854 |date=May 14, 2011 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20220630083528/https://www.iol.co.za/news/south-africa/gauteng/cops-burst-lambas-moet-bubble-1068854 |archive-date=2022-06-30}}</ref>
<ref name="iol-postpone0517">{{cite news |title='Youngest billionaire' case postponed |url=https://www.iol.co.za/business-report/economy/youngest-billionaire-case-postponed-1069702 |date=May 17, 2011 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20220630083526/https://www.iol.co.za/business-report/economy/youngest-billionaire-case-postponed-1069702 |archive-date=2022-06-30}}</ref>
<ref name="iol-postpone0525">{{cite news |title=Mining 'billionaire's' case postponed |url=https://www.iol.co.za/business-report/economy/mining-billionaires-case-postponed-1073313 |date=May 25, 2011 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20220715175621/https://www.iol.co.za/business-report/economy/mining-billionaires-case-postponed-1073313 |archive-date=2022-07-15}}</ref>
<ref name="iol-moretime0609">{{cite news |title=More time for 'youngest billionaire' probe |url=https://www.iol.co.za/news/more-time-for-youngest-billionaire-probe-1080607 |date=Jun 9, 2011 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20220715175617/https://www.iol.co.za/news/more-time-for-youngest-billionaire-probe-1080607 |archive-date=2022-07-15}}</ref>
<ref name="iol-postpone0628">{{cite news |last=Mkize |first=Vuyo |title=Lamba trial postponed for further investigation |url=https://www.iol.co.za/the-star/news/lamba-trial-postponed-for-further-investigation-1089736 |date=Jun 28, 2011 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20220715175615/https://www.iol.co.za/the-star/news/lamba-trial-postponed-for-further-investigation-1089736 |archive-date=2022-07-15}}</ref>
<ref name="iol-nobail2012">{{cite news |last=Mooki |first=Omphitlhetse |title=Court refuses bail for accused swindler |url=https://www.iol.co.za/news/court-refuses-bail-for-accused-swindler-1308878 |date=May 31, 2012 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20220630083528/https://www.iol.co.za/news/court-refuses-bail-for-accused-swindler-1308878 |archive-date=2022-06-30}}</ref>
<ref name="iol-lawyerquits">{{cite news |last=Mooki |first=Omphitlhetse |title=Soweto billionaire's attorney quits case |url=https://www.iol.co.za/news/soweto-billionaires-attorney-quits-case-1413895 |date=Oct 30, 2012 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20220630083531/https://www.iol.co.za/news/soweto-billionaires-attorney-quits-case-1413895 |archive-date=2022-06-30}}</ref>
<ref name="SW-ch-conviction">{{cite news |last=Raba |first=Buchule |title=Mandla Lamba jailed |url=https://www.pressreader.com/south-africa/sunday-world-8839/20150830/282106340398482 |date=Aug 30, 2015 |access-date=2022-07-15 |work=Sunday World}}</ref>
<ref name="iol-agilitee"><!-- regurgitated PR -->{{cite news |title=Agilitee teams up with eBikeGo to produce electric motorcycles in Africa |url=https://www.iol.co.za/business-report/companies/agilitee-teams-up-with-ebikego-to-produce-electric-motorcycles-in-africa-f3a4f2fe-69f1-4ed1-8ef4-37eea97ddaa7 |date=May 27, 2021 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20210527143813/https://www.iol.co.za/business-report/companies/agilitee-teams-up-with-ebikego-to-produce-electric-motorcycles-in-africa-f3a4f2fe-69f1-4ed1-8ef4-37eea97ddaa7 |archive-date=2021-05-27}}</ref>
<ref name="mg-webinar"><!-- Not WP:RS. Only used to illustrate "partnership" claims. --><small>[SPONSORED]</small> {{cite web |title=Webinar: Is Africa ready for electric vehicles? |url=https://mg.co.za/special-reports/2021-07-01-is-africa-ready-for-electric-vehicles/ |date=Jul 1, 2021 |access-date=2022-07-15 |work=Mail & Guardian Online |url-status=live |archive-url=https://web.archive.org/web/20210701143921/https://mg.co.za/special-reports/2021-07-01-is-africa-ready-for-electric-vehicles/ |archive-date=2021-07-01}}</ref>
<ref name="f24-somizi">{{cite news |last=Wasserman |first=Helena |title=SA's 'fake billionaire' is back, now selling shares on special to Somizi's followers |url=https://www.news24.com/fin24/companies/industrial/sas-fake-billionaire-is-back-now-selling-shares-on-special-to-somizis-followers-20210703 |date=Jul 3, 2021 |access-date=2022-07-15 |work=Fin24 |url-status=live |archive-url=https://web.archive.org/web/20210703183217/https://www.news24.com/fin24/companies/industrial/sas-fake-billionaire-is-back-now-selling-shares-on-special-to-somizis-followers-20210703 |archive-date=2021-07-03}}</ref>
<ref name="f24-CapitecAbsa">{{cite news |title=Capitec and Absa say 'fake billionaire' lied about partnerships |url=https://www.news24.com/fin24/companies/capitec-and-absa-say-fake-billionaire-lied-about-partnerships-20210707 |date=Jul 7, 2021|access-date=2022-07-15 |work=Fin24 |url-status=live |archive-url=https://web.archive.org/web/20210707195221/https://www.news24.com/fin24/companies/capitec-and-absa-say-fake-billionaire-lied-about-partnerships-20210707 |archive-date=2021-07-07}}</ref>
<ref name="f24-victimspolice">{{cite news |last=Cronje |first=Jan |title=Worried members of Mandla Lamba's 'billionaires' club' turn to the police |url=https://www.news24.com/fin24/economy/worried-members-of-mandla-lambas-billionaires-club-turn-to-the-police-20210730 |url-access=subscription |date=Jul 30, 2021 |access-date=2022-07-15 |work=Fin24}}</ref>
<ref name="db-mlbcmmbrs">{{cite news |title=Billionaires club members defend Mandla Lamba |url=https://thedailypost.co.za/billionaires-club-members-defend-mandla-lamba/ |date=Aug 2, 2021 |access-date=2022-07-15 |work=The Daily Post |url-status=live |archive-url=https://web.archive.org/web/20210802110311/https://thedailypost.co.za/billionaires-club-members-defend-mandla-lamba/ |archive-date=2021-08-02}}</ref>
<ref name="dp-agtceo"><!-- regurgitated PR -->{{cite news |title=Agilitee South Africa announces new CEO |url=https://thedailypost.co.za/agilitee-south-africa-announced-new-ceo/ |date=Sep 2, 2021 |access-date=2022-07-15 |work=The Daily Post |url-status=live |archive-url=https://web.archive.org/web/20211112032629/https://thedailypost.co.za/agilitee-south-africa-announced-new-ceo/ |archive-date=2021-11-12}}</ref>
<ref name="f24-FSCAwarn">{{cite news |title=FSCA warns public against 'billionaires' club' director Mandla Lamba |url=https://www.news24.com/fin24/companies/finance-watchdog-warns-public-against-mandla-lamba-20210909 |date=Sep 9, 2021 |access-date=2022-07-15 |work=Fin24 |url-status=live |archive-url=https://web.archive.org/web/20210909223054/https://www.news24.com/fin24/companies/finance-watchdog-warns-public-against-mandla-lamba-20210909 |archive-date=2021-09-09}}</ref>
<ref name="iol-FSCAwarn">{{cite news |last=Maleke |first=Dieketseng |title=Mandla Lamba's companies are not registered to render any financial advice : FSCA |url=https://www.iol.co.za/personal-finance/investments/mandla-lambas-companies-are-not-registered-to-render-any-financial-advice-fsca-2863e9af-2a13-4ca4-9d47-fd1ef9c830ba |date=Sep 14, 2021 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20210915210541/https://www.iol.co.za/personal-finance/investments/mandla-lambas-companies-are-not-registered-to-render-any-financial-advice-fsca-2863e9af-2a13-4ca4-9d47-fd1ef9c830ba |archive-date=2021-09-15}}</ref>
<ref name="iol-FSCAdeny">{{cite news |last=Maleke |first=Dieketseng |title=Mandla Lamba denies claims made by FSCA that he is offering financial advice to the public |url=https://www.iol.co.za/personal-finance/investments/mandla-lamba-denies-claims-made-by-fsca-that-he-is-offering-financial-advice-to-the-public-f67ad532-8193-45af-9b0a-a3a2017b0623 |date=Sep 16, 2021 |access-date=2022-07-15 |work=Independent Online |url-status=live |archive-url=https://web.archive.org/web/20210917050134/https://www.iol.co.za/personal-finance/investments/mandla-lamba-denies-claims-made-by-fsca-that-he-is-offering-financial-advice-to-the-public-f67ad532-8193-45af-9b0a-a3a2017b0623 |archive-date=2021-09-17}}</ref>
}}

[[Category:Living people]]

[[Category:Year of birth missing (living people)]]
[[Category:South African fraudsters]]
{{Improve categories|date=July 2022}}

Revision as of 10:47, 24 July 2022


In 2010, South African media hailed Lamba as an inspirational example of young entrepreneurship and Black Economic Empowerment (BEE), based on his claims of having risen from an underprivileged beginnings to become, at age 25, a wealthy businessman who owned gold, diamond and manganese mines in South Africa, Zambia and the Republic of the Congo.[1][2][3] He was the executive chairman of East American Resources, a "mid-tier mining company" that he claimed was worth "billions".[1][4][2] Lamba cultivated a public image of a successful businessman, living a lavish lifestyle and flaunting his supposed wealth by driving expensive sports cars, hiring three bodyguards and spending extravagant amounts of money at nightlife establishments.[1][4][2][3]

The web of deceit started to unravel after Investec Bank refuted claims by Lamba that he had been offered a directorship at the bank but had to decline because he was "too busy".[1][5][2] This raised suspicions, and investigative journalists began looking into his background only to find that his life story, academic qualifications, and business dealings all lacked credibility.[1][5][2][3] He was found to have operated an insurance and financial services company without a proper registration with the Financial Services Board; it sold final expenses insurance and offered debt consolidation services, but customers did not receive the services they paid for, and its employees were also owed wages.[5][2] It was also discovered that Lamba was listed in a fraud database and had previously twice defaulted on debt.[2] He was wanted by police for culpable homicide in relation to a 2007 traffic accident that led to two deaths, as well as on multiple charges of fraud — six in Gauteng, five in KwaZulu-Natal and one in Free State.[4][2] Lamba was alleged to have cheated multiple taxi drivers of R40,000 each by promising that he would help purchase new vehicles for them at lower prices.[1][4]

Following the publication of the exposé in City Press on November 7, 2010, business partners of Lamba also came forward to accuse him of defrauding them, or lying about the nature of their dealings, such as misrepresenting preliminary negotiations as deals that had been completed, or were close to finalization.[5][2][6] Lamba resigned from the chairmanship of East American Resources, but denied that this was connected to the allegations against him and the resulting negative publicity.[6]

Lamba then gave an interview on November 12, 2010 with radio station SAfm in which he lambasted several journalists for "misquot[ing]" and "writ[ing] lies" about him, vehemently attacking and threatening the author of the exposé in particular.[3][6] Lamba repeated prior allegations that there was a conspiracy by "former allies", "rivals and enemies" to "harass" and discredit him.[4][3] In an unusual move, prominent businessman, politician and future President of South Africa Cyril Ramaphosa personally called the radio station to issue a public denial that neither he nor his wife, physician and businesswoman Tshepo Motsepe, had any connection with Lamba, refuting Lamba's previous claims that they had been his "mentors, counsellors and parental guiders".[2][3][6]

  1. ^ a b c d e f Cite error: The named reference forbes was invoked but never defined (see the help page).
  2. ^ a b c d e f g h i j Cite error: The named reference CPexpose was invoked but never defined (see the help page).
  3. ^ a b c d e f Cite error: The named reference iol-radio was invoked but never defined (see the help page).
  4. ^ a b c d e Cite error: The named reference iol-manyqns was invoked but never defined (see the help page).
  5. ^ a b c d Cite error: The named reference f24-arrest was invoked but never defined (see the help page).
  6. ^ a b c d Cite error: The named reference iol-CRdeny was invoked but never defined (see the help page).