CONTROVERSY over the radical revamp of New Africa Investments Limited took a new twist on Wednesday when co-founder Jonty Sandler denounced the group’s planned restructuring. In a full page advertisement in South Africa’s leading business daily, Sandler said the unbundling of Nail, which has been held up as a model of black advancement, will undermine the strides made in post-apartheid empowerment.
Under a bold banner declaring “Protect Nail”, the former Nail director, who quit last year, said the overhaul of the media to banking heavyweight made neither financial nor black economic empowerment sense.