Loading...
See More

Yengeni turns back on directorships

Nov 04 2010 14:35 Sapa

Related Articles

Cipro not at fault in Yengeni debacle

SA needs anti-corruption culture: Baloyi

Alarm over missing tender records

Plans to fight corruption imminent

Cosatu to launch corruption watchdog

'Kill corruption, create new wealth'

 
Cape Town - ANC former chief whip Tony Yengeni has resigned the directorships he holds in six companies, his attorney said on Thursday.

Yengeni was out of the country and returned to South Africa on Wednesday morning, Brian Kahn said in a statement.

"This is his first opportunity to deal with the recent events publicised regarding his appointment as a director in private companies," he said.

Upon his return, Yengeni "immediately consulted his attorneys and he was advised to resign from such appointments with immediate effect, which he did".

Since 2003, Yengeni had believed he was only limited in holding the office of director in public companies - which was what he understood the term public office to mean, Kahn said.

Yengeni at no time intended to contravene the Companies Act and "regrets the incidents".

"He has instructed his attorneys Brian Kahn Inc to prepare an application seeking authority from the high court for him to hold the office of director," Kahn said.

Earlier this week, the Democratic Alliance laid charges against Yengeni for serving as a director of six companies, because by law his jail sentence for fraud precluded him from doing so.

Section 218 of the Companies Act disqualifies anybody jailed for theft, fraud, forgery or perjury from being a company director, unless the high court sets aside the disqualification.

Rapport and City Press claimed on Sunday that Yengeni was still serving as a company director, despite his four-year jail sentence for fraud linked to South Africa's multi-billion-rand arms deal.

A search of the Companies and Intellectual Property Registration Office (Cipro) revealed Yengeni serves as a director for Auburn Avenue Trading 88, Circle Way Trading 231, Duoflex, Abrina 2354, White Rag Investments and Cream Mag Trading.

He joined three of the companies in 2005, before he was sent to jail the following year, and the remaining three in 2008.

City Press quoted Yengeni as spurning the notion he had to ask the courts for special permission to serve as a director.

"What has the High Court to do with my life?" he reportedly asked.

"Maybe the law stipulates certain things. But the high court... .I don't think they feature. I don't have to ask permission from them to deal with my life," he reportedly said.

Yengeni is currently in charge of establishing the ANC's new political school.
tony yengeni
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

3 sports games you have to watch this weekend

Whether it’s date night or a braai with buddies, plan around these three exciting sporting games!

 
 

Men24.com

How to maintain your mo, bro
Hottie of the day: Colette
Pro-skater Tony Hawk rides a hoverboard!
10 ways to drive her wild!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...