Frustrated Sasol Inzalo investors are calling for an inquiry to shine light into the financial misfortune that has befallen multitudes of black investors who were lured into the scheme under the guise of broad based black economic empowerment (BBBEE).
Sold as a reparation of sort to more than 200 000 black investors, Sasol Inzalo has failed to create value and is instead owing more than R1 billion to banks. Investors are crying foul and calling for an inquiry.
We caught up with Sasol Inzalo Public chairperson, Zanele Monnakgotla, and asked her what she thought about the call for an enquiry. In the video embedded in this article she says she supports the call for an enquiry as it would further clarify a number of things about the Sasol Inzalo BBBEE scheme.
Her view (watch video) belongs into the mainstream narrative which maintains that the Sasol Inzalo transaction was undermined by market fundamentals, and mainly depressed Sasol Group share price and the collapse in the oil price. Therefore no one can be held responsible for the misfortunes.
That view stands against one which says that the Sasol Inzalo scheme was sold as a reparation of sort. It should not have been made to be so highly vulnerable to market vagaries and should have been designed to work at all cost. The fact that everyone else seems to have made money out of the deal except for the designated beneficiaries makes its failure intolerable.