Acsa board axings on hold
Peters’ sudden about-turn
TRANSPORT Minister Dipuo Peters has made an about-turn after buckling to Airports Company SA (Acsa) minority shareholder demands, postponing a meeting at which four board members would have been fired.
The 11th-hour reprieve raises the spectre of a revival of a board resolution to suspend and discipline Acsa chief executive, Bongani Maseko, for contravening the parastatal’s supply chain rules.
It has emerged that some of the board members whose removal had been mooted in two previous notices, have written to the minister, asking for reasons to be given for placing them on the chopping block, failing which they would take legal action against her.
Business Day has also learnt that the notice postponing next Monday’s shareholder meeting, which was issued on Wednesday afternoon, came just before the affected board members were planning to petition the high court on an urgent basis in a bid to interdict Peters from removing them from the board.
At the heart of the issue, are allegations that Peters ’ unprecedented actions, viewed by minority shareholders as interference in the company’s affairs, are an attempt to shield Maseko, against whom a charge sheet has been drawn up.
The four non-executive directors facing the axe are Kate Matlou, McDonald Kenosi Moroka, Bajabulile Luthuli and Chwayita Mabude, who are all part of crucial committees responsible for ensuring that Acsa complies with governance prescripts, including the Public Finance Management Act.
Moroka chairs the social and ethics committees, as well as an ad hoc committee set up to handle the suspensions of three Acsa senior managers and their disciplinary cases.
Company secretary, Nosisa Kekana, sent out the postponement notice to shareholders and board members on Wednesday afternoon.
One of the reasons cited for the postponement was that minorities had objected to waiving the 10-day notice period during which they would prepare for such a meeting.
The meeting was scheduled for next Monday.
Minority shareholder Alun Frost, of African Harvest Strategic Investments, which holds a 1.4% stake in Acsa, had raised objections over the urgency of the move when minority shareholders had tried in vain to set up a meeting with Peters.
Other minority shareholders also wanted clarity about the meeting’s agenda, which had not been spelt out in the notices.
Frost expressed relief on Wednesday night at the latest notice postponing the meeting.
Acsa has told Business Day that it is unaware of any board resolution to suspend and discipline Maseko.
Acting chairman Roshan Morar on Wednesday referred questions to Kekana, whose cellphone went to voicemail and who did not respond to SMSes.
The Department of Transport had made an undertaking to respond to queries.
When the minister issued the first notice, signalling her intent to remove the four board members, she caught them off-guard because some had been expecting to meet with her to discuss their resolution to have Maseko suspended from Acsa.
Sources, who are not authorised to speak to the media, said Morar was holding on to the board minutes containing the resolutions taken on Friday, February 3, which spell out how Maseko’s matter should be handled by Acsa. — BDLive