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Delinquent Director
Section 162 of the South African Companies Act 71 of 2008 allows shareholders and other stakeholders to apply to the court to declare a director of a company delinquent. If found guilty of serious misconduct, gross abuse of position, gross negligence, wilful misconduct or a breach of trust, a director can be declared delinquent by the court. If declared delinquent an order will ban a person from holding a director position for at least 7 years, for life in serious cases. The delinquency order provides a way to ensure that directors remain accountable to the company, shareholders, fellow directors and employees. It sets out to raise standards of good behaviour expected of directors, and protects the public from incompetent and dishonest directors. Notable cases An example of a person declared a delinquent director in South Africa is Dudu Myeni Duduzile "Dudu" Cynthia Myeni (born 29 October 1963) is a South African businesswoman, a former chairperson of South African Airwa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dudu Myeni
Duduzile "Dudu" Cynthia Myeni (born 29 October 1963) is a South African businesswoman, a former chairperson of South African Airways SOC Limited, and former executive chairperson of the Jacob Zuma Foundation since September 2008. She is known for her controversial involvement with South African Airways and as a close friend of former president Jacob Zuma. During the Zondo Commission of inquiry into state capture the former chief operating officer of Bosasa Angelo Agrizzi testified that Myeni received monthly illicit payments of R300,000 in cash from them, that was to be given to former president Zuma. On 27 May 2020 at the Pretoria High Court, Judge Ronel Tolmay declared Myeni a Delinquent Director, banning her for life from holding any directorship position. Background Myeni obtained her Primary Teachers Certificate from Madadeni College and her a Secondary Teachers Diploma from Umlazi College. In 2009 the SAA annual report listed a bachelor's degree in administration from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South African Airways
South African Airways (SAA) is the flag carrier airline of South Africa. Founded in 1934, the airline is headquartered in Airways Park at O. R. Tambo International Airport in Johannesburg and operated a hub-and-spoke network, serving ten destinations in Africa. The carrier joined Star Alliance in , making it the first African carrier to sign with one of the three major airline alliances. The airline entered voluntary business rescue in December 2019 as a result of many years of financial losses, and suspended all operations the following year. In June 2021, the government announced that in an attempt to revive the airline, it had entered into a partnership with the Takatso Consortium, which would hold a 51% controlling stake. The South African Civil Aviation Authority confirmed on 4 August 2021 that SAA's air operator's certificate had been reissued with an approved fleet of eight aircraft. The airline restarted operations on 23 September 2021, despite not having concluded the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
