Yengeni breaking law on directorships — weekly

2010-11-01 00:00

JOHANNESBURG — ANC heavyweight Tony Yengeni, who served a prison service for fraud, has again broken the law and may be heading for jail again.

Rapport investigated Yengeni and revealed that he has broken the Companies Act by accepting director positions at six companies.

Two of the companies of which he is a director have been awarded potentially profitable prospecting rights for minerals.

Yengeni still maintains an expensive lifestyle, with three flashy cars, one of which is a 2009 Maserati Gran Turismo costing about R1,75 million.

The Companies Act specifies that anyone who has served a prison sentence for fraud or dishonesty without the option of a fine is automatically barred from being the director of a company.

A person can approach the high court to have the stipulation set aside.

When asked to comment on these claims, Yengeni was defiant.

“What does the high court have to do with my life? … I don’t have to ask the court’s permission to go on with my life,” he answered.

When asked how he could afford his three luxury cars, he said: “It’s none of your business. How many cars I drive is a private matter. It isn’t a public matter. This country has many other residents who have not only cars, but also planes and helicopters … Especially the whites have all the wealth and own everything.”

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