Directors of ailing construction firm Group Five have resigned from the company with immediate effect.
Those who jumped ship yesterday included Group Five board chairperson Nonyameko Mandindi and other non-executive directors Michael Upton, Edward Williams and Cora Fernandez.
"The board wishes to thank Nonyameko, Michael, Edward and Cora for their invaluable contribution to the group since their appointments in July 2017 under challenging circumstances and takes this opportunity to wish them well for their future," read the company's statement on the Stock Exchange News Service.
Group Five filed for business rescue in March after creditors declined to pump more cash into the former construction heavyweight.
NUM construction sector coordinator Tebatso Mokoena, whose union has members at the former top construction company, said he was hearing about the resignations for the first time.
"That company is going down as it is under business rescue," said Mokoena.
He added that what was happening at Group Five was not an isolated incident.
"The construction industry has been losing a lot jobs, something which has seen our union losing 20,000 members in the civil engineering industry," he said. "... The construction sector is in dire straits."
Directors quit Group Five
Image: Freddy Mavunda
Directors of ailing construction firm Group Five have resigned from the company with immediate effect.
Those who jumped ship yesterday included Group Five board chairperson Nonyameko Mandindi and other non-executive directors Michael Upton, Edward Williams and Cora Fernandez.
"The board wishes to thank Nonyameko, Michael, Edward and Cora for their invaluable contribution to the group since their appointments in July 2017 under challenging circumstances and takes this opportunity to wish them well for their future," read the company's statement on the Stock Exchange News Service.
Group Five filed for business rescue in March after creditors declined to pump more cash into the former construction heavyweight.
NUM construction sector coordinator Tebatso Mokoena, whose union has members at the former top construction company, said he was hearing about the resignations for the first time.
"That company is going down as it is under business rescue," said Mokoena.
He added that what was happening at Group Five was not an isolated incident.
"The construction industry has been losing a lot jobs, something which has seen our union losing 20,000 members in the civil engineering industry," he said. "... The construction sector is in dire straits."
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending
Related articles
Latest Videos