• The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

  • Web of dependency

    Zupta defenders are playing cat and mouse with ratings agencies, says Solly Moeng.

All data is delayed
Loading...
See More

Seven NTI board members axed

Oct 31 2012 16:43
Sapa
Johannesburg - Seven members of the board of Northwest Transport Investments, which is owned by the North West government, have been removed from their posts.

The decision was based on a recommendation by North West transport MEC Raymond Elisha, after it was established that the seven were "incorrectly appointed", spokesperson for premier Thandi Modise, Lesiba Kgwele, said on Wednesday.

Some of them were appointed by the interim executive chair, which was beyond his powers. The appointments were also contrary to and beyond the ambit of provisions of the public enterprise department's "Protocol on Corporate Governance in the Public Sector".

According to its website, the parastatal is involved in, amongst others, property- and fleet management.

In a report, Elisha claims the board failed to keep proper financial records, hold an annual general meeting for 2011, and review the company's remuneration policy.

It also allegedly failed to disclose irregular expenditure of R110.2m in the 2010/11 annual financial statements. A forensic audit was currently underway.

He said the meeting agreed to replace the dismissed board members with Mohamed Iqbal Motala, Paschallis Thapelo Makhetha, Machii Esther Dladla, and Jeanne-Marie Brown.
north west

 
 
 

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
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

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

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...