'I Didn't Know I was a Director' |
Publication | Cape Argus |
Date | 2004-12-08 |
Reporter |
Estelle Ellis |
Web Link |
A phantom directorship, some very expensive shares they gave back for R200 and a day in the witness stand is what the Worker's College *1 got from their dealings with Durban businessman Schabir Shaik.
This was the evidence by Jabu Ngcobo of Worker's College at Shaik's Durban High Court trial yesterday.
Shaik is charged with corruption and fraud. He has pleaded not guilty to all the charges against him.
Ngcobo told the court that he had been a director of Shaik's Nkobi Holdings for almost a year, even though he had not known it.
He even had his picture taken in Nkobi's boardroom and published in Nkobi's brochure, even though he thought he was only there to be introduced to the staff.
His organisation was given 10% of Nkobi's shares at first but was later told to pay R101 million if they wanted to be part of the company.
Ngcobo said he has been the chairman of the Worker's College since 1996.
He told the court that there had been discussions about establishing a link between Nkobi and the Worker's College. This had been proposed by Shaik's brother, Yunis Shaik.
"At the time the story was that Nkobi would apply for the driver's licence contract (to convert South African driver's licences to the credit-card format)."
Ngcobo said that when the college had withdrawn from Nkobi after adverse publicity he had made it clear that their withdrawal included his resignation - if he was a director.
Kessie Moodley of Worker's College said he had investigated their shareholding in Nkobi after a newspaper article linked them with Schabir Shaik's company.
He discovered that they owned 10% of the shares but was subsequently told that they would have to pay R101 million if they wished to be part of the company.
He said Worker's College had paid nothing for the shares. It was a strategic move *2 for Nkobi.
"It never got you anywhere?" Mr Justice Hilary Squires asked.
"It got us here today," Moodley answered.
The trial continues on January 31.
With acknowledgements to Estelle Ellis and the Cape Argus.
*1 Actually Workers' College - subtle, but their stated aim is to provide skills improvement to more than one worker - Viva.
*2 Workers' College has as one of its members an organisation called the Congress of South African Trade Unions (COSATU).
The Republic of South Africa is governed by a ruling triumvirate consisting of the African National Congress (ANC), the South African Communist Party (SACP) and South African Trade Unions (COSATU).
Last Puzzle of the Year
Who is Salim Orie?
Tip - his name was mentioned during evidence on Day 4 (2004-12-18) of the trial.
The first three correct answers will be awarded a donation of R100 each to a nominated charity of the reader's choice - otherwise to SANCCOB, Southern African Foundation for the Conservation of Coastal Birds - genuine.
Donation payments will be acknowledge by unencrypted fax or email in a clear, jointed manner after due circumspection - genuine.
*4 Registered Fund-raising Number 08 8000186 000 3
Viva, Coastal Birds, Viva.