‘sus­pen­sion’

Finweek English Edition - - INVESTMENT -

Cape Town-based fund man­ager Vu­nani Fund Man­agers (VFM) is em­broiled in a row with clients and staff over the ‘sus­pen­sion’ of its chief ex­ec­u­tive Romeo Makhubela.

Makhubela was sup­pos­edly sus­pended not by his board nor by his chair- man Bu­tana Khoza, but by the chief ex­ec­u­tive of hold­ing com­pany Vu­nani Limited, Ethan Dube.

Dube might have t he power to have done so as the founder and chief ex­ec­u­tive of the listed Vu­nani Limited, owner of VFM. How­ever, good cor­po­rate gov­er­nance would sug­gest that the ex­ec­u­tive man­age­ment and board of the fund man­age­ment com­pany ought to be em­pow­ered to ex­e­cute man­age­ment im­per­a­tives over the af­fairs of its own busi­ness.

It is not clear why the de­ci­sion to sus­pend Makhubela was not taken by Khoza.

Ethan Dube

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