Nafcoc protests over BEE shares

THE National African Federated Chamber of Commerce and Industry has threatened to render its investment arm Nafhold "ungovernable and unworkable" should its demands not be met in 14 days.

THE National African Federated Chamber of Commerce and Industry has threatened to render its investment arm Nafhold "ungovernable and unworkable" should its demands not be met in 14 days.

"A memorandum was handed over to the Nafcoc CEO and he has 14 days to respond," said Nafcoc president Buhle Mthethwa.

The document was issued to Nafhold following a march by members in Joburg yesterday.

Mthethwa alleged that the chief executive and the board chair were withholding shares to be issued to members.

The chamber said it established Nafhold to benefit members in terms of BB-BEE "but this was not the case".

Mthethwa said when Nafhold learnt of the march it insisted on a meeting on Monday. "But we said we are going ahead."

Nafhold was not immediately available for comment. - Sapa

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