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April 18, 2008

Going it alone (SAFIKA)

A fallout between shareholders over the strategic direction of a subsidiary led to the unexpected departure of Vuli Cuba as CEO of Safika, one of SA's most powerful empowerment consortia.

Cuba stepped down as operational head of the black economic empowerment (BEE) group he helped found 14 years ago. Other leading members of Safika are former adviser to President Thabo Mbeki Moss Ngoasheng and Liberty chairman Saki Macozoma. The three each own 20% of the group, with the remainder held by other executives, Standard Bank and Liberty.

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Posted by StaffWriter at April 18, 2008 2:38 PM