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Fin24 reports that Dennis George, the dismissed general secretary of the Federation of Unions of SA (Fedusa), has responded to his axing by saying that the organisation could still benefit by taking up shares in IT company AYO Technology Solutions.
George was dismissed on Friday after being suspended in late February. Last week Fedusa’s National Executive Council unanimously decided to fire George in line with the recommendations of an internal investigation into George’s dealings in shares in AYO. In a statement on Monday morning, George said that the organisation could still take up an allocation of 11 million AYO shares housed in a company called Difeme investments, of which George is the sole director. As of Monday morning, 11 million AYO shares were worth about R120m. George said the shares were placed in the company as Fedusa did not have an investment company in which to house them, and that he never intended to benefit personally from the shares. He criticised what he called "disinformation" about his role, saying he was a "facilitator". George is a non-executive director at AYO. The IT company's funding by the Public Investment Corporation has come under the spotlight at the judicial commission of inquiry into the PIC.
- Read the full original of Jan Cronje’s report in the above regard at Fin24
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