Yengeni resigns from six directorships

FORMER ANC chief whip Tony Yengeni has resigned from the directorships he holds in six companies.

Yengeni was out of the country and returned on Wednesday morning, his attorney Brian Kahn said yesterday. "This is his first opportunity to deal with the events publicised regarding his appointment as a director in private companies."

On his return Yengeni "immediately consulted his attorneys and he was advised to resign from such appointments".

Since 2003 Yengeni had believed he was only limited in holding the office of director in public companies - which was what he understood the term public office to mean, Kahn said. Yengeni at no time intended to contravene the Companies Act and "regrets the incidents".

"He has instructed his attorneys Brian Kahn Inc to prepare an application seeking authority from the high court for him to hold the office of director," Kahn said.

Earlier this week, the DA laid charges against Yengeni for serving as a director of six companies, because by law his jail sentence for fraud precluded him from doing so.

Section 218 of the Companies Act disqualifies anybody jailed for theft, fraud, forgery or perjury from being a company director, unless the disqualification is set aside.

The Companies and Intellectual Property Registration Office shows Yengeni serves as a director for Auburn Avenue Trading 88, Circle Way Trading 231, Duoflex, Abrina 2354, White Rag Investments and Cream Mag Trading.

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