• Wealth and poverty

    True riches would be to create a safe and satisfied community for all South Africans.

  • SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

  • Zim tastes people power

    Protests in Zimbabwe are forcing Mugabe to face anti-government sentiment, says Memory Mataranyika.

All data is delayed
Loading...
See More

Nafcoc members expelled

Jul 23 2013 17:18
Sapa

Johannesburg - Nafcoc has expelled its former president Lawrence Mavundla and several others for bringing the organisation into disrepute.

"In line with the resolution, letters of termination have been served on all the affected individuals," National Federated Chamber of Commerce and Industry president Joe Hlongwane said in a statement on Tuesday.

"The expelled individuals are accordingly no longer members of Nafcoc and do not represent Nafcoc in any capacity."

The expelled group included Sonyosi Stephens Sikhosana, Churchill Mrasi, Teme Emmanuel Letsoela, Sekwamo Gilbert Mosena, Daniel Kotze and Chuma Shweni.

Mavundla was removed by a group led by Hlongwane at a meeting in December last year.

The meeting passed a vote of no confidence in the executive led by Mavundla as the president, elected Hlongwane as president and a new executive.

In February, Mavundla and his group lost in the High Court in Johannesburg to have Hlongwane's leadership declared invalid.

Hlongwane said the group failed to produce properly audited annual financial statements since 2009, account for funds received from the chamber's investment arm Nafhold, pay Nafcoc's liabilities to the SA Revenue Service and also sowed division in the organisation by attempting to create parallel structures.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

nafcoc  |  economy

 
 
 

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
4 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

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

Voting Booth

Sarb's decision to keep the repo rate unchanged is:

Previous results · Suggest a vote

Loading...