It should be no surprise that there can be a fair amount of politics and vested interest within industry associations. However, when officers of industry associations start acting outside of their constitution, the chaos can be quite dramatic.
And of course, when there's big money at stake, motives start getting questioned. It seems NAFCOC is having fun and games right now..
The discussion of the R750 million offer to Nafhold for its 25 percent stake in Tsogo Investment Holdings (TIH) by Hosken Consolidated Investments (HCI) is likely to be marred by another bout of infighting that has flared within Nafcoc, the black business body.
Nafhold is Nafcoc's investment arm and TIH owns 51 percent of Tsogo Sun Holdings, one of the largest gaming and hotel groups whose assets include Montecasino in Johannesburg and the Southern Sun chain of hotels.
Michael Leaf, the chief executive of Nafhold, said yesterday that Nafhold shareholders would discuss the HCI offer when they met to elect their national office bearers tomorrow.
But that meeting is under threat, with the Gauteng faction of Nafcoc threatening to take legal action to stop the meeting.
Three other Nafcoc provincial leaders have also cried foul, saying these elections were unconstitutional as they had not been invited to take part.
full story from Business Report here