OUTA welcomes Companies Tribunal ruling on Dudu Myeni
“This ruling further confirms her wrongdoing and this now remains on record,” says OUTA Chief Operating Officer Ben Theron. “This ruling also adds weight to one of the items within OUTA’s case to have Myeni declared a delinquent director.”
Myeni, the chair of the board of South African Airways (SAA), was accused of misleading the Ministry of Public Enterprises in 2013 over the SAA board approvals of funding for the airline’s deal to obtain 20 Airbus aircraft. Myeni had tried to change the arrangement, without board authorisation, to alter the funding arrangements for the second group of 10 aircraft.
In November 2016, the Companies and Intellectual Property Commission (CIPC) issued a compliance notice against Myeni which ordered her to notify formally the SAA board and Minister of Finance that the CIPC had concluded that she had “acted in a manner materially inconsistent with the duties of a director” and then confirm to the CIPC that she had done this. Myeni denied wrongdoing but complied and, on 25 January, received a compliance certificate from the CIPC confirming that she’d done it.
OUTA’s legal action against Myeni is well under way with affidavits filed from both sides and OUTA looks forward to addressing her conduct through the high court in due course. “If we are successful in our application, Myeni will not be allowed to be appointed as a director or play a senior executive role in any organisation within South Africa for at least seven years,” says Theron.