Union shares not stolen or missing

Thoko Obisanya clears some claims made against her in an M&G article. (Planet KB)

Thoko Obisanya clears some claims made against her in an M&G article. (Planet KB)

Your report "Union uproar over 'missing' BEE shares" (March 30) makes serious claims against me, namely that I was involved in a company that bought about R80-million worth of shares in Sasol for private benefit using the name of the South African Chemical Workers' Union (Sacwu). The article claims that the union has not been able to find these shares.

The facts are as follows:
I was employed, as the chief executive of Nactu Investment Holdings, to scout for lucrative business transactions that the company could get involved in. I later resigned from the company to become an entrepreneur in my own right, but kept a close relationship with the National Congress of Trade Unions (Nactu).

In 2008 there was an invitation to the unions at Sasol to purchase the Sasol Inzalo shares before the public offering.
Sacwu, a Nactu affiliate, was one of the unions offered the shares.

The shares offered were to the value of R50-million and Sacwu had to pay R2.5-million in advance. Sacwu did not have the R2.5-million. It could not cede or pledge the shares as ­security either, because Sasol would not allow that. Nactu approached me on behalf of Sacwu to assist with funding and I agreed to do so.

A company was then registered - Nactu Investment Holding Inzalo (Pty) Ltd (reg 2008/005829/07).

The shareholders are Nactu Investment Holdings and Zingisa Mziki (my company), each with 50%. The company then offered to buy the shares for the R2.5-million.

We had decided that Zingisa Mziki would pay the whole amount on behalf of Nactu Investment Holding Inzalo, which would then sign a loan agreement whereby Zingisa was advancing it the 50% to buy its shares.

The directors of the company are Thoko Obisanya, George Sabelo, Manene Samela, Joseph Maqhekeni and Albert Masuku. The company still exists and the shares are still held in its name.

There has been no misappropriation or theft of any shares by any of the directors.

Sasol was aware of this arrangement and was quite happy with it. – Thoko Obisanya

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