Joost's new job in jeopardy

2008-05-18 18:47

Carien Kruger

Pretoria - Only two months after Joost van der Westhuizen was given a top position in the financial industry, it looked as if the company for which he would work could fold.

Progressive Investment Holdings (PIH) was placed under provisional curatorship last week.

But while the Financial Services Board (FSB) looked for answers on millions of rands worth of investments, Joost said he was continuing his business training.

He was appointed as chief operations officer of PIH in March and the company then appointed a business coach to show him the ropes.

The former Springbok rugby captain was to become the company's chief executive officer in January 2009.

Quite shocked at developments

Joost said on Friday that Freddie Andalaft, the executive head of PIH and its three sister companies, had told him that he (Andalaft) had crossed swords with the FSB and that he had not been sure what would come of it.

Joost said he had not been told the details.

"I was quite shocked," he said of the past week's events.

Despite the curators beginning their work in the company's offices on Thursday, Joost was continuing with his training.

He said he wanted to complete his training even if he ended up having to pay for it himself.

It annoyed Joost when people said famous individuals were appointed just for the sake of marketing.

"There is also a brain besides the rugby part."

Because he realised that he couldn't simply walk into the position of executive head, Joost himself had insisted on the training.

"I can win only because I'm learning everything about business."

He was learning how financial services enterprises worked, about property and now also about what curatorship entailed.

"I have read more books in one month than in my whole life."

10% share in company

Up till now, he had been to listen in on meetings with Andalaft and, by doing so, he had learned. He still spoke to Andalaft every day to keep abreast of things.

When asked about the R8m that, according to affidavits, he would have paid for a 10% share in PIH, Joost said that he would not have paid cash, but that it would have been established in a period of five years and would have begun only when he became executive head.

Joost said he would reconsider his options only if it was decided next month that the curatorship would be implemented.

- Rapport