Comrade Kodana, >From a point of informing others who have not seen such article and bring it to light for them that I can clearly say it was an oversight from my side and for that I apologise but we need to make sure we dont become newspaper commentators in the process.By now it must be clear to us that media will tend to issue distorted information sometimes to gain readers/viewers.
We on the same page comrade,its water under the bridge now I thank you On Tue, Nov 18, 2008 at 4:52 PM, Smile Ndlovu <[EMAIL PROTECTED]> wrote: > > 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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