Comrade When I read the article the first think that came was that the report was not sure of his facts hence there was no support to his statements but my views are as follows:
1.That article was merely compiled to spark debate around the Luhabe as Shilowa's wife because they expect ANC will come out in force and discredit Luhabe in his personal capacity in the process. 2.If any member of state that is seen to be abusing his/her power such matter must be put on the table and resolved but we must understand that financial sector has to do more with creditation,affordability,risk management and credibility especially for his/her personal financial gain than can be deemed to be corrupt relationship. 3. Luhabe is part of woman empowerment structures and woman mentorship it will be very difficult to draw the line of corruption/abuse power. 4. On the other hand when we decide to dig to deep we need to do this with a clear concious,because I am afraid IDC is not one of the perfect structures in our country. I think we need more information from the journalist,this article is poorly done. What do other comrades think? On Tue, Nov 18, 2008 at 5:08 PM, Mduduzi H Vilakazi <[EMAIL PROTECTED]>wrote: > Cde Smile. > > Can you assist us with any prescripts that prevents board members from > participating in the financial transactions as reported by Sunday Times. I > found the story very interesting but also lacking the correct information > that will assist us laymen to arrive at a conclusion as to whether Luhabe > abused office or not. > > To me that was poor journalism and warrants our further investigation > beyond the limited work done by the reporter. I have tried in vain to find > any prescripts that governs IDC and would be glad if someone assists us. We > need to ensure that we safeguard our country from mal-administration or > capitalist corrupt activities. > > We also need to be careful because if one will dig too much into businesses > and enterprises, we might collapse the structures because it is an open > secret that most of our leaders are in business through questionable means. > Its either they got business from structures where they are stewards or they > were provided business shares by questionable figures. > > Let us engage, Macabane. > > > > >>> "Smile Ndlovu" <[EMAIL PROTECTED]> 18/11/2008 14:06 >>> > > > > 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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