The National African Federated Chamber of Commerce and Industry (NAFCOC) has expressed its frustration with the government, claiming that it has been let down in its legal battle against alleged corruption within its investment arm, Nafhold.
NAFCOC, representing black businesses, asserts that the lengthy legal process and alleged interference by corrupt individuals have hindered their quest for justice.
The legal dispute dates back to 2010/11 when NAFCOC initiated an investigation into potential fraud and mismanagement of funds within Nafhold. In response to these allegations, NAFCOC’s council authorised the National Executive Council to launch an investigation.
The allegations were directed at both the former chairman of Nafhold and its CEO, leading to the filing of a criminal case in February 2011. Charges include fraud, misappropriation of funds, and theft involving over R707 million. Both directors were subsequently expelled from the organisation.
Despite the gravity of the charges and the significant financial implications, the case has yet to be heard in court, leaving NAFCOC feeling let down by the government and law enforcement agencies.
NAFCOC slams former and expelled members following accusations of fraud
NAFCOC’s spokesperson, Boetie Letsoela expressed the organisation’s disappointment and called upon the president, minister of justice to address the matter promptly.
Letsoela commented, “The organisation feels let down by the government itself because there are agencies of the government that are supposed to help people in need like the organisation. The organisation has had a case that has been almost running for 12 years now but has not seen its day in court. We are appealing to both the president and minister of justice, including the minister of SAPS, to attend to this matter so that it can be closed, whichever way.”
NAFCOC insists that if the government cannot facilitate a fair trial, it should provide them with the option of private prosecution to ensure justice is served. Letsoela added that they are ready to pursue private prosecution if given the opportunity.
The protracted legal battle has tarnished NAFCOC’s reputation and credibility, making it difficult for the organisation to maintain its standing. Despite these challenges, NAFCOC remains committed to its cause and emphasises its authenticity compared to other entities making claims.
