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