Another bit of information is that Chianti Lifestyle Estate was only completed in 2006. So the registered offices of Korong Capital Partners were actively and knowingly changed to this address at least 7 years after company registration. Therefore in 2006/2007, they were not an operating company, so they would have had a near zero balance sheet and zero revenue, or they would have used their actual company premises on the CIPRO registration. One can very easily deduce that this took place not in 2006/2007, but rather in 2009/2010 when they went through the deregistration and cancellation process, which would have required them to provide accurate registered offices information.
So apparently, Korong Capital Partners who remained a dormant, shell company for 10 years, suddenly managed to find funding to the tune of R1.5bn in one to two years, without ever spending a cent of this cash during the process. Either that, or they're the most incredible business in history - working with an average net profit of 20% for a startup, they'd have had to have made R7.5bn net profit in their first year of operation to have the cash on hand to fund this project. This would have required around R37.5bn in revenue. Neither of these two scenarios are plausible.
Additionally, if they are funding it through the capital markets with a fixed income bond, I cannot find the prospectus for this, so it must have been a private placement, if anything. In order to obtain such financing, the bank would have required a positive balance sheet sufficient to cover the outlay and coupon rates. So they'd have had to have grown their balance sheet, including depreciation, to the tune of around R5bn and shown forecasted revenue, however they earn no revenue from this deal they're doing. They'd also have had to provide detailed, and accurate cashflow forecasts to cover their debt, which is impossible for a company with no revenue and dishing out projects for free.
So the long and short of it is that nobody would have originated a bond of this nature for them at all.
It is impossible for them to have gone un-noticed while becoming the most successful company in SA history, with revenue of around R37.5bn in their first year of operations. This is just not possible.
They also couldn't possibly have raised investment for this project, as it is a straight loss-making venture. No investor would touch this investment - it's just logical.
So where did Korong Capital Partners' money really come from? How can they afford to fund a R1.5bn project? Quite simply, there is no way (based on information in the public domain) that they could ever fund a project of this nature...