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Following City Press’ article last week of a criminal case against directors of National African Federated Chamber of Commerce and Industry (Nafcoc)’s investment company, Silver Vanity, the organisation’s president, Sabelo Macingwane, has issued a statement reaffirming his stance ridding the organisation of the bad apples.
“I have noticed media reports on the alleged fraud and theft charge levelled against directors
of Silver Vanity, a Nafcoc investment company that is wholly owned by the 11 Nafcoc
affiliates. I have confirmed that a criminal case to this effect was opened at the Sandton Police
Station by a trustee of Nafcoc Gauteng, Nkosana Thobela. It is my submission that every member of Nafcoc that is acting in any capacity that requires fiduciary responsibility and or accountability should have the right to exercise such, for as long as that is within what the laws of this country requires of such a member,” the statement read.
Macingwane said he stood by his earlier view, which he voiced in his inauguration speech last November, that Silver Vanity was one of the greatest strategic risks to the unity and cohesion of organisation in becoming a significant player in the transformation of South Africa’s economic landscape.
“Silver Vanity holds investments on behalf of Nafcoc members in their various organized form, and is expected therefore to, at all times, act in the interests of Nafcoc members and by extension black business that has given us as leadership the mandate to represent them in various forums of economic decision making. As an old member of Nafcoc myself, I have observed how the governance of Silver Vanity has been a subject of complaints and divisions in Nafcoc more than it being an tool of economic empowerment and transformation. The leadership collective that I represent and was elected together with has since its elevation to leadership committed to the spirit of renewal, unity and rebuilding of Nafcoc in order to make it a respectable community of business persons.”
He pointed out that the organisation was undergoing a “painful process of reorienting” its members to within what is expected of black business.
“To this effect we can never condone any activity that undermines our resolve to rid our society of corruption and corrupters. The case against directors of Silver Vanity, and the allegations therein, can only be tested in a competent court of law. Without putting aside the responsibility of every member of Nafcoc to operate within its constitution, Nafcoc’s constitution is and must always be subservient to the laws of the country. It is within this context that I as president, unless proven otherwise by a compelling legal argument, do not see anything wrong in any member of Nafcoc reporting maleficence to law enforcement agencies. The role and status of Nafcoc, a business chamber that represents over 1 million black SMMEs, should continuously be beyond reproach and actually be seen as a tool within which the anti-corruption pillar of President [Cyril] Ramaphosa’s “new dawn” can be implemented,” Macingwane added
Macingwane also said he expected opposition from rogue elements with the organisation, including some leaders, in his drive to rid Silver Vanity and potentially some of the Nafcoc affiliates of corruption and corrupters.
“I have promised when I was elected that the leadership collective I am assuming
office with, will be supportive of redirecting our country towards a path that entrenches
ethical business practice. The calls for a motion of no confidence that are circulating within
the leadership structures of Nafcoc will be dealt as per what the Nafcoc constitution
provides. It will, however, be disappointing for an organisation as august as Nafcoc to
continue harbouring people who are thieves and fraudulent, if the courts come to such a conclusion about some among us, as per the allegations. I wish to assure the nation that we will not disappoint with the mandate that we have been given. As a key component of the broader liberation movement, Nafcoc commits to liberate South Africa from all forms of capture. In the words of Ramaphosa, Nafcoc is not only poised for the Thuma Mina anti-corruption drive but will weed out from within its ranks anyone that undermines our new dawn.”
