The Chief Executive Officer of Ubuntu Wealth Management has been suspended with immediate effect following his participation in looting businesses in Kwa Zulu Natal in South Africa.
Qhawe Sithole is alleged to have looted a washing machine, alcohol, bar stool and braai accessories.
KwaZulu-Natal is the home province of former South Africa President Jacob Zuma who is in prison for contempt of court. After his arrest, his supported started chaos and looting of businesses.
This is the wave in which Sithole was up with and tempted to gain free assets.
According to his LinkedIn profile, Qhawe Sithole is highly learned having studied at various leading university such as London School of Economics and Political Science where he studied Business Analysis and Valuation.
Sithole holds a Post Graduate Diploma in Financial Planning from University of the Free State. Further, he holds a Bachelor of Commerce from University of South Africa.
I do not real understand why such a highly learned and possibly wealth man should engage in looting. Mind you he is the CEO of Ubuntu Wealth Management. Who can trust him with wealth for management? I don’t know.
However, when caught Sithole told the police that he bought the items and had the receipts to prove that he bought them.
Sithole was arrested and the board of Ubuntu Wealth Management met on Wednesday and deliberate on the issue after which they suspended him and his fate will be determined by the outcome of his criminal case.
“Once the board receives all facts to his case and [has] studied the findings, the board will take the recommended disciplinary action against the chief executive (or anyone else) as required,” Mmangaliso Nxumalo said on behalf of the board.
“This remains a matter of utmost concern to the board. The board wishes to assure all stakeholders and the public that this matter is receiving all the attention it deserves. However, the board is also at pains to ensure that due process is followed at all times,” he added.
“I moved into a new place beginning of July. I was buying my furniture… and they just flipped this whole thing on me.
“I was moving furniture [on Tuesday] to my place and I’ve got all my receipts,” he told News24 on Friday.
The Ubuntu Wealth Management board is planning to meet tomorrow (Saturday) to further deliberate on the matter.
In the past couple of days, there has been cases of mass looting in South Africa more especially in KwaZulu-Natal and Gauteng provinces. This started as protests calling for the release of former South Africa President Jacob Zuma who was sentenced to 15 months in prison for contempt of court.
Ubuntu Wealth Management offers retirement planning, investment planning, estate planning, Tax planning, mortgages and corporate services to clients among others.
GOT a story? RING Kerosi Dotcom on +254 20 78 64348 or EMAIL info@kerosi.com
