Shaik still a company director

2011-03-27 12:03

Johannesburg - Convicted fraudster Schabir Shaik is still listed as a director of a company that was involved in SA's arms deal, despite this being in contravention of the Companies Act, the Sunday Times reported.

He is listed as a director of KobiProp, previously a subsidiary of the Nkobi Group, which was fined for corruption during Shaik's fraud and corruption trial, which ended in 2005.

According to the Companies Act someone found guilty of theft, fraud, forgery, uttering a forged document or corruption cannot hold a directorship.

Shaik is the sole "active" director of KobiProp, according to the Companies and Intellectual Property Registration Office.

"As far as I am concerned I had signed all the necessary company resignation documents and would have expected that between the company's internal accountants and auditors, this secretarial matter would have been resolved," Shaik was quoted saying.

Shaik's lawyer Reeves Parsee told the Sunday Times: "He (Shaik) said he had given his accountants instructions to resign himself from KobiProp. He doesn't know why this hasn't been reflected."

Read more on:    schabir shaik  |  corruption

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