Africa & World

CEO suspended for looting appliances, booze in Durban

A chief executive of a financial institution who was arrested for participating in looting has been suspended for allegedly looting booze, a washing machine and other accessories in Durban.

Qhawe Sithole, founder and chief executive of Pretoria-based Ubuntu Wealth Management, allegedly looted a washing machine, a bar stool, alcohol and other braai accessories.

Ubuntu Wealth offers financial planning advice for wealth and investments, asset management, income solutions and equity segregated portfolio strategies.

Calls made to listed company telephone numbers were not in operation on Thursday.

Sithole was arrested by the police in uMhlanga earlier this week and was also called out publicly by a friend.

Ubuntu Wealth Management’s chief operating officer Mmangaliso Nxumalo said in a statement shared on Facebook that the board had met this week and elected to suspend Sithole.

“The board wishes to clarify that the chief executive officer has been suspended with immediate effect pending the outcome of his case and an independent investigation into the charges that have been brought to him.

“Once the board receives all facts to this case and have studied the findings, the board will take the recommended disciplinary action against the chief executive as required. The board will move swiftly to institute such disciplinary action so that the matter will be resolved as soon as possible,” said Nxumalo.

Sithole, who is also a former pupil at Hilton College in the KZN Midlands (South Africa’s most expensive school), was also called out on social media by a friend, Michael Hay.

Hay wrote on Facebook: “Qhawe Sithole I told you I was going make you famous for looting and stealing. You in your Wrangler with a washing machine, bicycle, braai stuff, bar stool and alcohol.

“It’s not acceptable, you are the problem, you are the rot.

“Ubuntu Wealth, how can you give advice when your have no values.

“You (are) a disgrace to your old school Hilton College, you (are) a disgrace to the FSCA (Financial Sector Conduct Authority), you (are) a disgrace to our wonderful country, I can’t believe you did what you did,” wrote Hay. – IOL

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