Comrade Tabane, The might be other comrades who did not had the opportunity to read this article. If you have seen the article good for you, speak for yourself, chief
I am not the first person in this forum to forward an article from a newspaper. One of the purpose of this forum is to share information among each other. I found it necessary to forward that email, as it explains how Wendy Luhabe is using the IDC resources to benefit her own companies. Comrade Kodana >>> "Mpho Tabane" <[EMAIL PROTECTED]> 11/18/2008 2:28 PM >>> Comrade If we want to read this article we will go to the newspapers please dont use this forum to become newspaper re-distributors centre On Tue, Nov 18, 2008 at 4:06 PM, Smile Ndlovu <[EMAIL PROTECTED]> wrote: > > > This week the Sunday Times reported in its business section on how > companies with close links to Industrial Development Corporation > chairman, Wendy Luhabe, had benefitted from loans from the IDC as well > as a BEE deal. The article, headed "Lolly rolls in for Luhabe," > reported > that according to the IDC's 2008 annual report the parastatal had > approved two R50m loans to the Women's Private Equity Fund - which > Luhabe had founded. > > Another company in which Luhabe had an interest, Wiphold, had also > apparently benefitted when "IDS subsidiary, Hans Merensky Holdings," > effectively handed over 26% of its wood business to black empowerment > partners last year. > > Luhabe denied any conflict of interest, telling the newspaper that > "When > there is a transaction from Wiphold or the Women's Fund, management > will > bring that to my attention. The IDC board has a procedure that makes > sure that directors who may be involved in a transaction that has to > be > decided by the board do not get the paperwork for that transaction and > they do not participate in the decision- making on that transaction." > > In its response to the Sunday Times report COSATU stated that "It is > simply not good enough for [Luhabe] to say that she had recused > herself > from board meetings that made decisions involving her companies. It > should be illegal for anyone who has a position in a Development > Finance > Institution - or any company in which they have a interest - to > receive > any contracts, tenders or any other form of financial benefit from > that > body. No-one must be allowed to be on a board that allocates money to > their own companies." > > The SACP also expressed its outrage: "People who serve in public > institutions" it noted in a statement, "must not behave like parasites > on the resources that are supposed to benefit the ordinary workers and > the poor of our country... These Luhabe transactions are a further > expression of the extent to which BEE has been captured by narrow > parasitic elite, using the state for its own self-enrichment." > > There is a saying that a man who wants to beat a dog will always find > a > stick. And clearly Luhabe has made herself a target by backing her > husband, former Gauteng Premier Mbhazima Shilowa, and his efforts to > get > an ANC breakaway movement off the ground. This story seems to be a > slightly more robust stick than that initially picked up by the ANC > Youth League several days ago but the motive is similar. > > What is rather curious though is that the IDC's involvement with the > WPEF has been known for a rather long time. The Fund was launched in > mid > February 2003. The Sunday Times even reported on it in the Business > Times under the heading "Sisters are knuckling down and doing it for > themselves." Almost all the facts now causing controversy were > reported > on then. > > Since Malema arrived, cleaners are working hard > > > Confidentiality & Disclaimer > This e-mail transmission, including the attachments (hereinafter > collectively referred to as this "e-mail") contains information that is > confidential and subject to legal privilege intended only for use by the > individual or entity to which it is originally addressed. Access by > anyone else is unauthorised. 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