Business

Nafcoc factions suspend each other

2019-08-05 19:32

The fight for control of the National African Federated Chamber of Commerce and Industry (Nafcoc) reached an unprecedented stage last week, when warring factions resolved to fire each other.

But this will be easier said than done since there is a dispute over whose resolution will hold water.

On Wednesday, a group aligned to secretary Stephen Sikhosana and another supporting president Sabelo Macingwane met at different venues to discuss leadership issues of Nafcoc.

Sikhosana and his group – which includes his co-directors in Nafcoc’s investment company Silver Vanity – sat at the federation’s offices in Rivonia and decided to remove Macingwane.

The president held his own meeting at Emperors Palace, where it was resolved to remove Sikhosana and some of his office bearers.

At the centre of the dispute between the Nafcoc leaders is the control of millions of rands in Silver Vanity’s hands.

The Nafcoc investment company’s directors and CEO Gilbert Mosena have been accused of fraud and theft.

In a copy of the resolution seen by City Press, Sikhosana’s meeting resolved to remove Macingwane as president through a vote of no confidence for allegedly fraudulently appointing himself as a trustee of Nafcoc Investment Trust.

He then reported the alleged fraud in Silver Vanity to the Companies and Intellectual Property Commission and requested the removal of its directors.

He also allegedly lied to the public in court papers by saying that Nafcoc was a shareholder of Silver Vanity. Macingwane is also accused of airing Nafcoc’s dirty laundry to City Press and claiming there is corruption in both Silver Vanity and Nafcoc.

And he allegedly assisted Nafcoc’s creditors to litigate against it.

Macingwane, who is a business owner, is accused of misrepresenting himself as a hawker and member of the African Council of Hawkers and Informal Businesses, an affiliate which will also be made to account.

In his own meeting, Macingwane wrote suspension letters to both his deputy Mosena and treasurer-general Teme Letsoela for allegedly participating in their meeting, which was unconstitutional.

“The Nafcoc constitution says only the president can call a council meeting. We held our council meeting on Wednesday and theirs was just a gathering. In our meeting we resolved to suspend them so when we found out about their decision council had already decided to suspend them anyway,” Macingwane said.

Sikhosana, who said he was the spokesperson of the other faction, said he could not comment further than confirming that the meeting had taken place.


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August 18 2019