THURSDAY, 10.30AM
NATIONAL Sorghum Breweries chairman and CEO Mohale Mahanyele resigned his positions on Wednesday.
Following a long board meeting, Mahanyele “elected to resign” because he does not want to be seen as an “impediment” to the growth of the company. He said he will join an investment company as chairman. The company said he will be paid an undisclosed amount for a three-year restraint of trade, and will retain his6,6-million shares in the company.
Mahanyele’s resignation comes amid reports of friction between him and management appointed by India’s United Breweries, which bought a 30% stake in the struggling NSB in 1995. There have also been allegations of misappropriation of funds, with a draft audit by Deloitte & Touche finding R8,7-million unaccounted for in the chairman’s bank account.
United Breweries chairman Vijay Mallya said the board had considered allegations of misappropriation as “unfounded”.
Mallya added that United has been considering new black partners for NSB. He said that NSB director Jackie Mphafudi has been appointed non-executive chairman until a black investment group is identified as a partner.