The arrest of the CEO of Ubuntu Wealth Group Qhawe Sithole for allegedly taking part in the rioting and looting in Umhlanga north of Durban continues to send shockwaves throughout the country.
Sithole, who lives in the wealthy coastal town of Umhlanga, was nabbed while carrying items suspected to have been looted in a local shop in his top of the range Jeep Wrangler vehicle.
The items include a washing machine, a bicycle and braai equipment.
The Board of Ubuntu Wealth Group-of which Sithole is the founder and CEO has now suspended him.
And following the suspension, the Financial Sector Conduct Authority says it has removed him from its database as he is no longer deemed fit and proper to operate in the financial services industry.
Analysts say Sithole’s case shows the extent of the erosion of the moral fibre of South African society at large.
Sithole is currently out on bail.
Not every looter is poor. Qhawe Sithole a former Hilton College pupil & founder & CEO at Ubuntu Wealth Management was caught with a looted washing machine, bicycle, bar stool & braai accessories in his Wrangler. This chap stays in Umhlanga nogal. pic.twitter.com/VoF7YENOZK
— KG (@KgotsoM2) July 15, 2021
Qhawe Sithole a whole CEO was looting ?
— Ntshavheni ( YNWA ) (@iamntshavhi) July 15, 2021
Qhawe looting despite being wealthy only shows how far the greed in this country goes. It has nothing to do with Hilton College.
— Nonhlanhla Thandeka Rose Siwela (@ayoungpoetsmind) July 16, 2021
Police with help from community members recover some looted goods in Gauteng: