Defend Truth

Nafcoc president wants “mass protest” against her own chairman.

A row has erupted between president of the National African Federated Chamber of Commerce and Industry Buhle Mthethwa and its chairman Joe Hlongwane over who gets included in the black economic empowerment deals struck by organisation’s investment arm. The predictable – even inevitable – spat has Nafcoc wanting the chairman of the board and the chief executive of its investment arm to resign immediately and a curator appointed to investigate the firm's corporate governance void, Business Report reports. Mthethwa said her members would engage in mass protest at the offices of Nafhold, in Sandton, Johannesburg, today to demand Hlongwane and Michael Leaf, the chief executive, resign with immediate effect. "Nafcoc had established an investment company with the aim of benefiting its members from the process of broad-based black economic empowerment,” said Mthethwa. “However, unintended consequences have resulted in the executive directors blatantly abusing the confidence, trust and loyalty Nafcoc members had bestowed on them."

Gallery

Please peer review 3 community comments before your comment can be posted

A South African Hero: You

There’s a 99.8% chance that this isn’t for you. Only 0.2% of our readers have responded to this call for action.

Those 0.2% of our readers are our hidden heroes, who are fuelling our work and impacting the lives of every South African in doing so. They’re the people who contribute to keep Daily Maverick free for all, including you.

The equation is quite simple: the more members we have, the more reporting and investigations we can do, and the greater the impact on the country.

Be part of that 0.2%. Be a Maverick. Be a Maverick Insider.

Support Daily Maverick→
Payment options