investors seek truth

Simpiwe Piliso

Simpiwe Piliso

Standard Bank shareholders today are expected to demand the outcome of the banking group's investigation into a political party funding scandal.

In March, the Sunday Times revealed how an audit into the African National Congress's (ANC's) finances had exposed the involvement of Saki Macozoma, one of the country's top businessmen, in diverting R9million from a R1,6billion empowerment deal involving Standard Bank and Liberty Group's asset management unit, Stanlib, to the ANC.

At the time, Standard Bank said it would "look into" the allegations.

Two shareholders, who declined to be named, said it had already been two months and the results of the investigation had not yet been released.

In the past two weeks Macozoma, who serves as Stanlib chairman, has been subjected to questions from shareholders at both the Liberty Group and Liberty Holdings annual general meetings about the controversial empowerment deal and payment to the ruling party.

Shareholder activist Theo Botha, who was present at both meetings, asked for permission for shareholders to gain access to all documents pertaining to the deal.

He also demanded access to the financial and shareholding records of the 11 broad-based community organisations - under Safika Asset Management Empowerment Trust and Andisa Broad Based Empowerment Trust - that were beneficiaries of the deal.