Lawyers representing investment companies Lebashe and Harith General Partners have written to leader of the United Democratic Movement(UDM), Bantu Holomisa demanding that he retracts allegations made in his letter to President Cyril Ramaphosa about dodgy deals.

Holomisa asked the President to investigate in what he calls an ‘Iceberg of corruption’ at the Public Investment Corporation (PIC) including with Lebashe and Harith.

Executive Director of Lebashe Investment Warren Wheatley says claims of corruption on their part are unfounded.

“We have had only one deal financed by the pic and we’ve done about in excess of 7 various transactions in building up our group. Two of our directors have spent time at the pic people keep talking about this link but its an unfair link to highlight. In the corporate world once someone has left the company its typically 5 years and then you considered independent of that entity.”

But the leader UDM sticks to his statement, saying he will not retract.