News24 reports that Ubuntu Wealth Management CEO Qhawe Sithole has been suspended with immediate effect, following looting allegations.

According to reports, Umhlanga police arrested him for allegedly looting a washing machine, a bar stool, alcohol and braai accessories during recent unrest in KwaZulu-Natal. But Sithole has denied that he was part of the mass looting and said that he was moving furniture on Tuesday and has the receipts to prove that he bought the items. In a statement, the Ubuntu Wealth Management board said Sithole was suspended with immediate effect, pending the outcome of his criminal case and an independent investigation into allegations against him. The company's COO, Mmangaliso Nxumalo, said on behalf of the board: "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." He added that the board would institute the disciplinary action so that the matter could be resolved swiftly. "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," Nxumalo stated.

• Read the full original of the report in the above regard by Jeanette Chabalala at News24
• Read too, CEO suspended for looting appliances, booze in Durban, at Independent Media

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