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."
While we have your attention...
An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.
Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.
Click here to become a Maverick Insider and get a closer look at the Truth.
"We spend the first year of a child's life teaching it to walk and talk and the rest of its life to shut up and sit down. There's something wrong there." ~ Neil deGrasse Tyson