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Steinhoff, African Bank, Tongaat… now Omnia? Angry shareholder spills the beans

25 July 2019 8:15 PM
Tags:
Steinhoff
The Money Show
African Bank
Bruce Whitfield
Tongaat
Personal finance
corporate governance
investing
investments
INVEST
personal finances
Benguela Global Fund Managers
Zwelakhe Mnguni
Omnia Holdings
omnia
board independence
executive remuneration
auditor rotation

Zwelakhe Mnguni (Benguela Global Fund Managers) suggests there is a genuine risk of another Steinhoff/Tongaat scenario.
pixabay.com, 2019

We invited Omnia to The Money Show, but we didn’t get a favourable response.

Bruce Whitfield, The Money Show

…it’s getting worse. It cannot continue… the general public must be aware of it… There’s been misrepresentation… whether deliberate or negligent…

Zwelakhe Mnguni, Chief Investment Officer - Benguela Global Fund Managers

Steinhoff, African Bank, Tongaat…

Punch-drunk investors would be forgiven for being nervous after so many failures of corporate governance.

The Money Show’s Bruce Whitfield interviewed Zwelakhe Mnguni, Chief Investment Officer at Benguela Global Fund Managers.

Mnguni is worried about Omnia, of which his company is a shareholder.

Omnia is over-leveraged and facing serious claims around board independence, executive remuneration and auditor rotation.

Mnguni believes there’s a genuine risk of Omnia turning into another Steinhoff.

Listen to the interview in the audio below (and scroll down for more quotes from it).

The JSE is aware of this engagement… We feel there’s a risk that shareholders could be seriously hurt…

Zwelakhe Mnguni, Chief Investment Officer - Benguela Global Fund Managers

They did respond… their communication was evasive…

Zwelakhe Mnguni, Chief Investment Officer - Benguela Global Fund Managers

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25 July 2019 8:15 PM
Tags:
Steinhoff
The Money Show
African Bank
Bruce Whitfield
Tongaat
Personal finance
corporate governance
investing
investments
INVEST
personal finances
Benguela Global Fund Managers
Zwelakhe Mnguni
Omnia Holdings
omnia
board independence
executive remuneration
auditor rotation

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