Sowetan Online
Friday November 10, 2006 06:25 - (SA)
Infighting within the National African Federated Chamber of Commerce and Industry (Nafcoc) is expected to come to a head on Friday with a protest today. on Friday.
Protesting Nafcoc members contend that They were to protest against the pending election of a new national president would be unconstitutional, Gauteng president Vusi Nhlapo said yesterday.
These members contended that the election would not be in line with the organisation's constitution.
"Nafcoc president Patrice Motsepe has unconstitutionally called for elections to appoint a new council and president, a position that he has indicated will be filled by current secretary general and chief executive Buhle Mthethwa," Nhlapo said.
"Despite our attempts to ask them not to proceed with the unconstitutional meeting and subsequent elections, they are willing to proceed," he said.
Nhlapo said the protesters, expected to gather outside Nafcoc's national head office in Sandton today, were also particularly concerned about misappropriation of the chamber's funds. funds occurring within the organisation.
"Millions of rands are being made available to Nafcoc for the development of its members, and the money is being pilfered or misdirected, but does not reach its intended beneficiaries," he said.
Nafcoc's members are mostly Black SMME owners. Its investment arm, Nafhold, was established to ensure that the millions being made available as part of BEE deals and policies are put to best use for the small business owner on the ground.
"But only relatively small amounts have been received … by selected provinces from any of the deals Nafhold concludes," Nhlapo said, citing Nhlapo cited the R750 million offer by Hosken Consolidated to buy Nafhold's stake in Tsogo as an example.
He said that he and other members only learnt of the deal in the press. "Although the move was not meant to benefit only a few individuals, some of the members, including myself as a trustee and board member of the Nafhold trust, only heard of the deal from the media."
He said elections should be halted until an independent audit had been carried out on the financial activities of the black business chamber and its investment arm. Nafhold.
"The financials of Nafcoc have never been properly audited and if it is not done, the funds will continue to disappear," he said. He said he once blew the whistle on the organisation's misappropriation of funds. But that led to the suspension of his office.
- Sapa