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Probe into Acsa managers

Mar 13 2009 07:49

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Johannesburg - The ministry of transport is concerned about media reports of the top management of the Airports Company SA cashing in shares.

These actions, it said in a statement on Thursday, had been carried out "without proper consultation and approval by the minister of transport".

"It must be emphasised that it is a procedural requirement for the minister to approve and be consulted on such matters.

"The ministry will therefore embark on the process of establishing the exact nature and detail of this transaction and necessary action will be taken," the ministry said.

On Thursday, Business Day reported that a group of 28 mostly white managers cashed in nearly R30m in unlisted Acsa shares, leaving one of two employee share trusts penniless.

The managers, including 11 retirees, received R600 000 to R1.2m each, the newspaper said.

"The decision by the managers - who were allocated shares by one of the trusts, the Management Trust, in 1999 - undermined a process by the two trusts, the department of transport and Transport Minister Jeff Radebe to distribute the shares to a wider pool of managers," the newspaper said.

- Sapa

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