SOUTH AFRICA Afric Oil’s distribution king Nkadimeng gets seven-year ban

摘要

South African businessman Tseke Beny Nkadimeng, who ran Efora Energy’s distribution firm Afric Oil between 2009 and 2017, has been banned from holding the role of director for the next seven years. The Gauteng local division of the country’s High Court found Nkadimeng to be a “delinquent director” as defined by the 2008 Companies Act. This means someone that “intentionally or by gross negligence inflicted harm” on his company or “acted in a manner that amounted to gross negligence, wilful misconduct or breach of trust” in performance of his duties. According to our information, Nkadimeng intends to challenge the judgment. In a report sent to Afric Oil’s board in July 2017, auditor Ernst & Young drew up a list of Nkadimeng’s misconduct and those of his financial director Isaiah Mutandiwa. Afric Oil used the report to suit against Nkadimeng. E&Y demonstrated that Nkadimeng had taken cash from the company’s accounts. Since leaving Afric Oil, Nkadimeng has been working for the private equity firm Moopong Investment Holdings.