The NEF and its CEO, Executive and Fund Manager Cleared…

An independent forensic investigation by audit firm Deloitte has dismissed serious allegations of wrongdoing levelled at three National Empowerment Fund (NEF) employees by an anonymous whistle blower. The investigation was conducted after the Minister of Trade and Industry, Dr Rob Davies, referred the allegations to the NEF for an independent investigation in September of this year. Webber Wentzel was retained as legal advisor to the NEF board during this process.

The Deloitte investigation reported there was no basis for allegations of misconduct relating to breaches of corporate governance, conflicts of interest, fraud, nepotism, tribalism and abuse of power made against NEF CEO Ms. Philisiwe Mthethwa, Divisional Executive: Venture Capital and Corporate Finance, Ms. Hlengiwe Makhathini and Fund Manager, Imbewu Fund, Mr. Nhlanhla Nyembe. Importantly, the report affirms the integrity of the individuals and of the corporate governance framework that is in place at the NEF.

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