Brett Kebble was the CEO of JCI Ltd (Johannesburg Consolidated Investment), a historic mining company with roots in the Barnato mining empire. By the early 2000s, Kebble had effective control of JCI, Randgold & Exploration, and Western Areas Ltd — three interlocking listed companies. He exploited this control to orchestrate one of the largest financial frauds in South African corporate history.
THE FRAUD MECHANISM: The fraud operated through unauthorized share dealings: Kebble authorized the sale or pledge of tens of millions of JCI and Randgold shares held in company treasuries without board or shareholder approval. The proceeds — exceeding R1 billion from JCI alone — were diverted to fund personal debts, lifestyle expenditure, and political patronage. At Randgold & Exploration, Kebble systematically stripped the gold bullion portfolio and strategic mining investments, depleting approximately R1 billion in assets. Fictitious invoices and circular transactions between group companies disguised the diversion.
POLITICAL PATRONAGE: Kebble built one of the most extensive political patronage networks in post-apartheid business. He donated millions to the ANC and ANC Youth League, positioning himself as a "patriotic capitalist." Through Glenn Agliotti, he channelled approximately $1 million from JCI's books to SAPS National Commissioner Jackie Selebi — a payment that became central to Selebi's 2010 corruption conviction. His arts sponsorship (the Brett Kebble Art Awards) and social network created a protective shield of obligations.
UNRAVELLING AND MURDER: By 2004, minority shareholders and regulators began investigating. The JSE and Scorpions commenced criminal investigations. In mid-2005, Kebble was removed from executive positions. Facing imminent prosecution and financial ruin, Kebble made an extraordinary decision: he arranged his own assassination. On the evening of 27 September 2005, he was shot seven times in his car in Melrose, Johannesburg. The triggermen — Mikey Schultz, Nigel McGurk, and Faizel Smith — later testified they were paid approximately R2 million for the hit, organized through Glenn Agliotti.
AFTERMATH: The three shooters turned state witnesses and received immunity under Section 204. Glenn Agliotti was charged with murder but acquitted on 25 November 2010 when Judge Kgomo found the state witnesses unreliable. KPMG forensic audits confirmed the scale of the fraud. JCI was delisted from the JSE. Investec Bank was left with ~R600 million in bad exposure. The Kebble estate was insolvent. Most remarkably, no one was ever convicted for the actual R2 billion financial fraud — the perpetrator arranged his own death, and the criminal case died with him.