Entrepreneur fund board named

Cape Town - Labour Minister Membathisi Mdladlana has told the new Umsobomvu Board - which includes Congress of South African Trade Unions president Willy Madisha - to ensure that the fund was accessible to young entrepreneurs so as to ensure it fulfils its mandate to create opportunities for young unemployed South Africans.

In a statement after announcing the new board, Mdladlana said the department - as the custodian of the fund - was there to ensure that the fund "discharges its mandate of skills development and job creation for the unemployed youth appropriately".

It was recently reported that the fund underspent its R1bn government allocation, using only half of this amount for job creation and skills development over five years.

The minister gave the board until the end of this year to make sure that there is an Umsobomvu Youth Fund office in every province in the country.

"These instructions are an echo of what our President Thabo Mbeki said during his state of the nation address: that the Umsobomvu Youth Fund should become more visible now than ever before in order for it to play its role as a catalyst for skills development and job creation for the masses of our unemployed youth," the minister said.

The minister also reminded the board that they had to ensure that the fund compiled a database of all graduates.

The new Umsobomvu Board is as follows:

Maphomolo Tsiki, chief director from the Department of Trade and Industry

Jeffrey du Preez, chief director from the Department of Labour, and a previous Board member

Sean Phillips, chief operating officer from the Department of Public Works

Dumo Motau, National Treasury director

Vuyiswa Tulelo, National Youth Commissioner

Vish Suparsad, Banking Council general manager representing the Nedlac Business constituency

Kgomoco Diseko, Chieta Project Specialist representing the Nedlac Community constituency

Willy Madisha, Cosatu president representing the Nedlac Labour constituency

Richard Moloko, previous board member appointed by the minister as per the Memorandum and Articles of Association which grant the Minister the right to appoint two other persons to the Board; Advocate Moloko is the CEO of Akani Egoli, holding company of Gold Reef City Casino; and

Malose Kekana, Umsobomvu Youth Fund chief executive officer.