'No mismanagement at Nafhold'

Johannesburg - No financial mismanagement has taken place at Nafcoc Investment Holding Company (Nafhold), its CEO Michael Leaf said on Monday.

Unless Nafhold was defended, "people could get the wrong impression", he told a press briefing called "to put the record straight".

Nafhold, the investment arm of the National African Federated Chamber of Commerce and Industry (Nafcoc), was run competently, democratically and according to the highest standards.

This was in contrast to accusations made in the media by people at Nafcoc, who had called for Nafhold to be liquidated and its directors investigated.

There had also been claims that Leaf and board chairman Joe Hlongwane were withholding shares promised to members more than five years ago. However, Nafhold was currently issuing shares to bona fide members through its organisation nationally.

"We were in fact in the process of this when certain members, headed by certain board members arranged a march against Nafhold. Some confidential documents were also leaked by a board member and taken out of context with the intention to create false impressions."

Leaf said when Nafhold started out some years ago it invited people to take up shares but "only two or three people" were interested.

"Now that the company has achieved so much, some elements are trying to rubbish us."

Leaf said he had never withheld shares for his own benefit and questioned the agenda "of a handful of people from Nafcoc".

"But Nafhold's shareholders are behind us," he said.

- Sapa