Yengeni's directorships: DA welcomes developments but our charges remain

The Democratic Alliance welcomes the news that convicted fraudster and ANC leader Tony Yengeni has resigned his company directorships.

We will not, however, be withdrawing the charges we laid against him on Monday. Mr Yengeni appears to have been in breach of Section 218 of the Companies Act for the past five years and has probably reaped significant financial benefits from these directorships. We will await the results of the police inquiry with interest.

In addition we also reiterate our request to the Auditor General to audit the Disqualified Directors' List and to probe the Department of Trade and Industry's failure to maintain it, as well as the apparent failure of the Department of Justice to ensure that court orders are submitted to CIPRO - as prescribed in the Companies Act.

It is crucially important that the full force of the law comes down on any other convicted fraudsters who may be holding potentially lucrative directorships in breach of the Companies Act. 

Statement issued by Tim Harris, MP, Democratic Alliance Shadow Minister of Trade and Industry, November 4 2010

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