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{{Use dmy dates|date=April 2022}}
{{BLP sources|date=August 2020}}
'''Brian Molefe''' is a South African businessman and business executive. Molefe rose to prominence during his tenure as the CEO of the Public Investment Corporation, heading the secretariat as CEO at the beginning of the corporatisation of the PIC in 2003 through 2010, leaving the organisation with assets under management of R900bn at the expiry of this contract. He was previously a political activist and politician. He is best known for his roles as the CEO of the Public Investment Corporation (2003 –2010), CEO of [[Transnet]] (2010 –2015) and [[Eskom]] (2015 –2016). On 29 August 2022, Molefe was arrested on [[corruption]] charges linked to a R93-million corruption and fraud case into the purchase of locomotives for [[Transnet]].<ref name=arrest>{{Cite web |first=Jeanette|last=Chabalala|first2=Sheldon|last2=Morais|title=Brian Molefe, Anoj Singh among four people arrested in R93m locomotive corruption case |url=https://www.news24.com/news24/SouthAfrica/News/brian-molefe-anoj-singh-among-four-people-arrested-in-r93m-locomotive-corruption-case-20220829 |date=29 August 2022 |access-date=2022-08-29 |website=News24 |language=en-US}}</ref>
==Career==
Molefe was involved in political activism between 1985 and 1994, when he joined [[FNB Corporation|First National Bank]].<ref>{{Cite web|url=https://books.google.com/books?id=_EwoAQAAIAAJ&q=%22political+activist%22|title=Brian Molefe|publisher=Financial Mail|date=2007|page=247|access-date=28 May 2022}}</ref> The same year he joined the [[Development Bank of Southern Africa]].<ref name=creamer>{{Cite web|url=https://www.engineeringnews.co.za/print-version/brian-molefe-2005-09-09|last=Creamer|first=Martin|title=Brian Molefe|website=Engineering News|date=9 September 2005|access-date=28 May 2022}}</ref> Between 1997 and 2003 he assumed a number of senior positions within the [[National Treasury (South Africa)|National Treasury]] most notably as a DDG (Deputy Director-General), including work on intergovernmental relations and asset management.<ref name=creamer/>

During his tenure as the CEO of the [[Public Investment Corporation]] from 2003 to 2008, he oversaw a growth in assets under management from R300bn to R900bn.{{Citation needed|date=January 2022}} He introduced shareholder activism at the PIC and advocated for the transformation of the South African Corporate sector to be more inclusive and representative of indigenous South Africans who had suffered under the policy of apartheid.

He has also held the position of Deputy Director General in the [[National Treasury (South Africa)|National Treasury]] responsible for Assets and Liabilities Management. In this position, he was responsible for, amongst others, the management of sovereign debt. He oversaw a fundamental restructuring of South Africa's domestic and foreign debt portfolio between 2000 and 2003.

Molefe was appointed as the CEO of [[Transnet]] in February 2011,<ref>{{Cite web|url=https://www.sanews.gov.za/south-africa/brian-molefe-new-transnet-ceo|title=Brian Molefe new Transnet CEO|website=sanews.gov.za|date=18 January 2013|language=en-ZA|access-date=2020-04-28}}</ref> He oversaw the implementation of the market demand strategy which resulted in improved rail and port operations, which led to profitability during the 2013/2014 financial year.<ref>{{Cite web|url=https://www.news24.com/fin24/transnet-posts-r52bn-profit-20140701|title=Transnet posts R5.2bn profit|website=News24|date=1 July 2014|access-date=28 May 2022}}</ref>

In 2015, he was appointed CEO of [[Eskom]] to address [[South African energy crisis|loadshedding]]. He managed to temporarily end loadshedding, which did not recur until 2018.<ref>{{Cite web|url=https://mybroadband.co.za/news/energy/436594-load-shedding-from-2007-to-2021-de-ruyter-vs-other-eskom-ceos.html|title=Load-shedding from 2007 to 2021 — De Ruyter vs other Eskom CEOs|website=MyBroadband|date=11 March 2022|access-date=28 May 2022}}</ref> However, these reductions in loadshedding are partly attributable to decreased demand, due to weakness in the economy; prior investment coming online; and increased financial support from the state.<ref>{{Cite web|url=https://mg.co.za/article/2017-05-18-why-brian-molefes-return-to-eskom-cant-be-justified/|title=Why Brian Molefe's return to Eskom can't be justified|last=Mfundza Muller|first=Seán|website=Mail & Guardian|date=18 May 2017|access-date=28 May 2022}}</ref> In November 2016, Molefe resigned as CEO of [[Eskom]] effective January 2017.<ref>{{Cite web |last=Merten |first=Marianne |date=2017-11-22 |title=Parliament: In a reality twisting performance, Molefe denies everything |url=https://www.dailymaverick.co.za/article/2017-11-22-parliament-in-a-reality-twisting-performance-molefe-denies-everything/ |access-date=2022-08-28 |website=Daily Maverick |language=en}}</ref>

On resigning, Molefe became further embroiled in controversy when he was illegally awarded a large pension fund payout by the Eskom pension fund. The Gauteng North High Court ordered Molefe to repay an amount of R10.3m, which he was not entitled to as per a retirement agreement. He unsuccessfully appealed this ruling to the Constitutional Court. The Eskom Pension Fund launched a court application in which it sought to have the R10.3m judgment enforced.<ref>{{Cite web|title=End of the road for Brian Molefe in pension saga|url=https://www.businesslive.co.za/bd/national/2019-08-07-end-of-the-road-for-brian-molefe-in-pension-saga/|access-date=2020-10-13|website=BusinessLIVE|language=en-ZA}}</ref>

In January 2017 Molefe was sworn in as a member of Parliament, but he resigned, effective, by 14 May 2017.<ref>{{Cite news|url=http://ewn.co.za/2017/02/23/no-warm-welcome-for-brian-molefe-in-parliament|title=No warm welcome for Brian Molefe in Parliament|last=Koyana|first=Xolani|access-date=2017-11-28|language=en}}</ref><ref>{{Cite news|url=https://www.parliament.gov.za/press-releases/resignation-mr-brian-molefe-mp|title=Resignation of Mr Brian Molefe as MP|date=12 May 2017|access-date=2021-07-26|language=en}}</ref> He left to return to the role of CEO at Eskom, but [[Lynne Brown]], the Public Enterprises Minister, rescinded the reappointment.<ref>{{Cite news|url=https://www.parliament.gov.za/press-releases/committee-welcomes-decision-rescind-reappointment-eskom-ceo|title=Committee Welcomes Decision to Rescind Reappointment of Eskom CEO|date=31 May 2017|access-date=2021-07-26|language=en}}</ref>

In 2017 Molefe was briefly and controversially appointed as a Colonel in the South African Army Reserves.<ref>{{cite web|url=https://www.news24.com/news24/southafrica/news/molefes-military-career-on-hold-20180210|date=11 February 2018|title=Molefe's military career on hold|first=Erika|last=Gibson|publisher=City Press}}</ref>

==Prosecution==
On 3 August 2020 Eskom and the SIU jointly issued summons against Brian Molefe in a bid to reclaim R3.8 billion. Molefe raised no less than 30 exceptions to Eskom's plea. The matter is still to be heard by the North Gauteng High Court.

On 4 January 2022, Part 1 of the [[Zondo Commission]] Report was published, and recommended that Molefe be investigated further. This after the previous public protector ([[Thuli Madonsela]]) and a parliamentary enquiry had made a similar recommendation. In Part 2 Volume 1 of the [[Zondo Commission]] Report, Molefe is identified as one of the “primary architects and implementers of State Capture at Transnet” during his tenure as CEO of Transnet. The report found that Molefe "facilitated the conclusion of irregular contracts at inflated prices, variously through deviations, improper confinements and the changing of tender evaluation criteria, in order to facilitate entry for companies involved in the extensive money laundering scheme" to the advantage of Gupta companies.<ref>{{Cite web |title=Judicial Commission of Inquiry into State Capture: Part 2 Volume 1 |url=https://www.statecapture.org.za/site/files/announcements/640/Judicial_Commission_of_Inquiry_into_State_Capture_-_Report_Part_2_-_Transnet.pdf}}</ref>

The fourth part of the Zondo Commission report, released on 29 April 2022, recommended that Molefe be criminally prosecuted for his alleged involvement in corruption.<ref>{{Cite web|url=https://www.news24.com/news24/southafrica/news/rampant-corruption-mosebenzi-zwane-rajesh-gupta-and-ex-eskom-bosses-must-be-prosecuted-zondo-20220429|title='Rampant corruption': Mosebenzi Zwane, Rajesh Gupta and ex-Eskom bosses must be prosecuted - Zondo|first=Juniour|last=Khumalo|website=News24|date=29 April 2022|access-date=29 April 2022}}</ref> Molefe was arrested on 29 August.<ref name=arrest/>

==Educational qualifications==

* [[University of South Africa]] (South Africa) – Bachelor of Commerce
* [[SOAS University of London|University of London]] (United Kingdom) – Postgraduate Diploma – Economics
* [[University of South Africa]] (South Africa) – Masters – Business Leadership
* Harvard Business School (Boston, United States of America – completed 2006) – Advanced Management Program

== Awards ==

* Institutional Investor for the year (2008) – Awarded by Africa Investor Investments Awards
* Empowerment Leadership Award (2007) – Awarded by Wits Business School/Barloworld Empowerment Awards
* Newsmaker of the year (2006) – Awarded by Association of Black Securities and Investment Professionals
* Investment specialist of the year (2004) – Awarded by Black Business Quarterly
* Financial services achiever of the year (2003) – Awarded by the Association of Black Securities and Investment Professionals
{{s-start}}
{{s-bef|before= }}
{{s-ttl|title=Chief Executive Officer of [[Public Investment Corporation]]|years=2003-2010}}
{{s-aft|after= Masilela, E.}}
{{s-bef|before= [[Maria Ramos|Ramos, M.]]}}
{{s-ttl|title=Chief Executive Officer of [[Transnet]]|years=2011-2016}}
{{s-aft|after= Gama, S.}}
{{s-bef|before= Matona, T}}
{{s-ttl|title=Chief Executive Officer of [[Eskom]]|years=2015-2016}}
{{s-aft|after= Hadebe, P.}}
{{s-end}}

== References ==
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{{DEFAULTSORT:Molefe, Brian}}