Kobeli Paid Just $100k of $6.5M Land Debt

...fails to present itself before PAC Mohloai Mpesi T The Lesotho National Development Corporation (LNDC) has stated that Duty-Free Sourcing...

...fails to present itself before PAC

Mohloai Mpesi

TThe Lesotho National Development Corporation (LNDC) has stated that Duty-Free Sourcing Inc has only paid M100,000 of its M6.5 million unpaid debt to date, which is significantly less than what the company owes.

Duty-Free Sourcing Inc. is controlled by Teboho Kobeli, the leader of the ruling Revolution For Prosperity (RFP) party.

As per PAC records, Duty-Free Sourcing Inc was allocated M10 million as per a Cabinet instruction in 2023.

The PAC instructed Mr. Kobeli to pay the outstanding amount of M6.5 million by 3 November 2025, yet as of yesterday, he had only managed to pay M100,000.

The issue came up again during a Public Accounts Committee (PAC) meeting yesterday, with LNDC being called to clarify the status of loans given to specific companies.

At the same session, LNDC officials, including the newly appointed Chief Executive Officer (CEO), Thabo Khasipe, were required to swear an oath prior to submitting their testimony.

The PAC questioned LNDC about outstanding debts from various companies, including Duty-Free Sourcing Inc and Luqy's Manufacturing, which is owned by Mairoon Adams, a naturalized Mosotho of Asian origin.

Nevertheless, neither Mr. Kobeli nor Ms. Adams showed up in front of the committee even though they had been called to attend.

The chairperson of the committee and leader of HOPE-Mphatlalatsane, 'Machabana Lemphane-Letsie, stated that the police have been directed to find and present Ms Adams before the PAC, following her "convenient" illness shortly after receiving her summons last week.

The payments are said to have been issued following directives that LNDC halt its usual lending procedures.

Luqy's Manufacturing received a loan of M2 million, which was required to be repaid within six months with an interest rate of 2.5 percent, whereas Duty-Free's loan was meant to be completely settled within 12 months but this condition has not been met.

The General Manager of Corporate Services at LNDC, Thabang Busa, informed the Committee yesterday that Duty-Free had only settled M100 000 of the M6.5 million in outstanding debt.

"Up until this point, Duty-Free has only settled M100 000 of the debt it still owes," he stated to the PAC.

However, Ms. Lemphane-Letsie voiced significant disapproval, stating that the committee had clearly directed LNDC to provide evidence of complete or major repayment and to present Mr. Kobeli.

"CEO, you weren't here during our previous meeting, but we decided that once you return, Duty-Free should have settled the loan, and you would provide evidence of payment along with the owner," she stated.

But we are not seeing them. We have not received documents that prove Duty-Free has paid LNDC.

She also criticized LNDC for not producing Mr. Kobeli, stating that the PAC did not anticipate a partial payment of M100,000.

We instructed you to bring Mr. Kobeli here, but you didn't. The debt owed to LNDC is not M100,000. Go and fetch Mr. Kobeli and collect the LNDC funds. Now that you are under oath, no one will be missing from the hearing.

Ms. Lemphane-Letsie also voiced worry about reports indicating that LNDC's board had chosen to erase Mr. Kobeli's rental debt, stating that this matter would be thoroughly examined when LNDC returns next week.

I know about a decision to remove Mr. Kobeli's rental debt. We need to find out if it is lawful and whether all those who owe LNDC have their debts erased as well. You will clarify these matters when you bring Mr. Kobeli and Luqy here. We won't ignore this.

The chairperson also condemned LNDC for not being present during last week's PAC meeting. She indicated that certain officials who stepped down before the hearings might have been "fleeing."

"We were here last week, but you weren't present. We are aware that Mr. Ramaili's contract has concluded, and his case is unique. However, the others who left, I see as having fled. They will need to clarify why they fled once you arrived, unless you instructed them to leave," she stated.

The Property Manager, Tšepo Putsoa, and the Head of Legal and Administration Services, Florence Motoa, have recently stepped down from their roles at the LNDC.

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