Controversial businessman Mandla Lamba, dubbed South Africa’s “fake billionaire”, has stepped down as chairperson of a private education group, Pembury Lifestyle Group (PLG), just months after he was appointed to the position.
The company’s trading on JSE has been suspended for more than two years due to allegations of mismanagement.
Lamba was appointed chairperson of the board in March. However, in a stunning development, the company this week informed investors that Lamba had stepped down.
“Mandla Lamba has resigned as a non-executive director and the chairman with effect from 30 June 2023. The board thanks Mandla for his contribution to the company and wishes him well in his future endeavours,” the company said.
He was replaced by Siyabonga Zwane with effect from the beginning of this month.
However, in another stunning development, the company said Zwane had also thrown in the towel, just days in the role.
“Mr Siyabonga Zwane has resigned as a non-executive director and the chairman with effect from 6 July 2023.”
While it is in search of the key role of chairperson, the company will also be on the lookout for a CEO after Cordelia Sachiti also severed ties with the group, which listed on the JSE in 2017 with the promise of rolling out private schools.
Masego Motloba has also dumped the company as non-executive director.
“Ms Cordelia Sachiti has resigned as the CEO with effect from 31 August 2023. The board thanks Cordelia for her contribution to the company and wishes her well in her future endeavours,” the company said.
“Ms Masego Motloba has resigned as non-executive director with effect from 14 June 2023. The board thanks Masego for her contribution to the company and wishes her well in her future endeavours.”
The entity that provided Pembury with secretariat services, KB Company Secretaries, has also resigned with immediate effect, in another move that raises questions about the future of the company.
The group’s former CEO and founder Andrew McLachlan died a year ago, just weeks after the media reported that he was charged with fraud for selling “life rights” in retirement villages that Pembury did not own.
In its latest regulatory filing, Pembury painted a picture of a company in trouble. In May it said two of its schools — Carlswald and Raslouw — had been served with final warnings to shut down until the correct zoning was done.
On top of this, the group said a R25-million loan from private equity firm Verityhurst was obtained under false pretence.
“A case was then opened by the company and the police are handling this fraudulent activity…company attorneys are busy handling this issue and an update will be announced in due course as Verityhurst is also providing funding for the attorneys to fight for the company and remove this collateral,” the company said.
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