'Money is being pilfered from Nafcoc'

Infighting within the National African Federated Chamber of Commerce and Industry (Nafcoc) is expected to come to a head today with a protest by Gauteng members.

Infighting within the National African Federated Chamber of Commerce and Industry (Nafcoc) is expected to come to a head today with a protest by Gauteng members.

The provincial branch yesterday urgently called for the postponement of the chamber's national elections, scheduled to take place this morning, until an independent audit into the financial activities of the chamber and its investment arm, Nafhold, was completed.

"Nafcoc president Patrice Motsepe has unconstitutionally called for elections to appoint a new council and president, a position he has indicated will be filled by current secretary general and chief executive Buhle Mthethwa," Gauteng President Vusi Nhlapo said.

"Despite our attempts to ask them not to proceed with the unconstitutional meeting and subsequent elections, they are willing to proceed."

He said protesters expected outside Nafcoc's national head office in Sandton were particularly concerned about the misappropriation of funds within the organisation.

"Millions of rands are being made available to Nafcoc for the development of its members, and the money is being pilfered or misdirected, but does not reach its intended beneficiaries," said Nhlapo. - Sapa

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