Sasol Inzalo investors come together to seek justice

Posted on:
9 Jul 2018
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A group of investors who participated in the failed R30 billion Sasol black economic empowerment transaction titled, Sasol Inzalo, are coming together via social media to raise grievance against the scheme which promised freedom dividend but delivered financial misery for multitudes.

A Facebook Group Page titled “Sasol Inzalo robbed us” popped up a few weeks ago and has gained considerable momentum in its stated mission. The group sets out to right the wrongs of the Sasol Inzalo transaction and has been exploring different avenues to secure justice for the more than 200 000 individuals who bought into Sasol Inzalo 10 years ago. They have since joined forces with ProBonoMatters to explore ways of resolving the matter.

Amongst other initiatives, they are setting out to lodge a case with the B-BBEE Commission, which was established to police and regulate B-BBEE transactions and to prosecute abuse in the empowerment space.

ProBonoMatters is a social media platform positioned to promote social justice, primarily by enabling ordinary people to access the justice system. The platform is pillared by an online tool which allows ordinary people who can’t afford legal fees to post their legal matters with a hope of securing a free legal opinion or service.

The Sasol Inzalo B-BBEE transaction was established in 2008 as an initiative designed to redress the historical injustices caused by apartheid. This was part of a deal established in 1994 when South Africa’s key parties negotiated political transformation. To ensure peaceful transition from apartheid into a democracy, colonial capital pledged to facilitate economic reparation for the historically marginalised black people. Economic redistribution would come via B-BBEE equity deals, where white companies would issue shares, at least 25% of their total value, to black communities.

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For companies like Sasol which had a direct beneficial relationship with Afrikanerdom, this deal was an easy way out from a scandalous history. And so they promised to facilitate economic redistribution via B-BBEE equity transfer deals. But what transpired out of many of these deals comes close to being a continuation of dispossession of black people.

In 2008 petrochemicals giant Sasol invited black people to participate in its B-BBEE initiatives titled Sasol Inzalo. The retail chapter of the transaction attracted more than 200 000 subscribers.

What next as Sasol Inzalo Public BEE schemes comes to an end: Here all you need to know

Sasol Inzalo was set to mature after 10 years in October 2018. It’s been clear for a while that the scheme was never going to create value as it was suffocating under expensive debt. Towards the end of last year, the petrochemicals giant, Sasol, declared the scheme a failure and sort to soften the blow by coming up with a new 10 years long scheme called Sasol Khanyisa.

This has not gone down well with many participants who feel that they have been taken for a ride. The ‘Sasol Inzalo robbed us’ group sets out to represent those laments.

info@probonomatters.co.za

 

136 Responses

  1. Nomfuneko Irene Majaja

    I have also taken shares through Sasol Inzalo scheme even before 2008 but when i tried to reach Sasol a few years ago.. i was taken from piller to post through autonated calls.. At sone point througj human being who could not give me any clear direction. I HAVE BEEN planning to trace the relevant and visit their offices but have not had such an opportunity I am glad that there is this mobilisation from all the luke of us who feel completely robbed of our hard earned cash.

    • JT

      “Sasol Khanyisa shares are not listed and therefore cannot be traded. Sasol has promised that the Khanyisa shares will be tradeable after three years, that’s in 2021.

      news@ujuh.co.za
      Dear Bro Bono
      the information above is a cut and paste, is there someone to clarify on the above??
      JT

      • KGERUDI BOB KGALAKE

        J.T in terms of VBS there is investigations and somebody will be accountable for the mess.In INZALO case who is investigating?In actual fact Sasol should have used the Khanyisa money to pay us instead of creating another robbing scheme.kb

      • JT

        Ok SASOL Khanyisa shares were not traded so what? why were we blind folded first of all??why were we promised a null and void thing?? South Africa as in VBS should find someone to investigate SASOL KHANYISA shares and those responsible be brought to book? BVS’s issue is being investigated and a report is made available with findings please let it be likewise with SASOL shares…THANK YOU!!WHO SHOULD WE TRUST NOW? THE SOUTH AFRICAN GOVERNMENT IS FULL OF HIDE AND SEEK LEADERS TO HIT THE POORER OF THE POOREST>>TONGUE TIED!!!!!!!!!!!!!!it seemed like the SASOL KHANYISA thing does not trouble our government, I smell a rat here……….President RAMAPHOSA please make a plan

  2. Nomfuneko Irene Majaja

    I have also taken shares through Sasol Inzalo scheme even before 2008 but when i tried to reach Sasol a few years ago.. i was taken from piller to post through autonated calls.. At some point through human beings who could not give me any clear direction. I HAVE BEEN planning to trace the relevant and visit their offices but have not had such an opportunity I am glad that there is this mobilisation from all the like of us who feel completely robbed of our hard earned cash.

    • INNOCENT

      I am an ex- Sasol employee from 2007 to 2014, the worst part about this shares is that Sasol knew that they have financial constraints in 2014 but they didn’t have the decency to share with the employees, strange that if you invest the capital amount then an insurance is required but a big corporation like Sasol they dont have and misleading people in our democratic country that they care about black race through their corrupt BEE strategy but they utilise their capitalism schemes to gain from the poor workers and citizens of this country. SASOL MUST VALUE THEIR TRUST TO POOR WORKERS AND CITIZENS OF THIS COUNTRY AND GIVE THEM WHAT THEY WORTH FOR, AWAY WITH CAPITALISM AND PAY BACK THE MONEY.

        • Alex

          I am on record with citizens advice bureau and advocate Paul Hoffman and an advise I got from Paul was I should introduce ‘finacial Services Board to investigate my complaint with Sasol Inzalo shares.
          You should not be lied at, the Non Executive Directors of Sasol had been a fraud, remember a R5 000 000 spent on changing our certificate to BEE and our shares now have a new shareholders reference number.

          That is the starting point this shares were not listed for trading in the JSE floor, hence it was communicate many a time by computer shares that the shares were trading on zero market value.
          In deed, the terms of our scheme were within guidelines as our shares WERE ANNUITY TRUST FUND SHARES, so purpose was to grown the market which was previously populated by affluent business.
          This area BEE shares for borrowing into building roads, bridges and houses or borrowing countries.
          Henceforth thus how badly managed by Non Executive Directors of Sasol.
          When they mature 2018 our money is in the post, coming from all the people and countries which had borrowed from our trust fund.

          People should not be afraid but seek informed view and the terms of our shares policy scheme. They are preference shares and closed shares for building infrastructure and borrowing banks and countries as part of RDP and BEE projects to bring disadvantaged communities into shares.

          How then do you list shares on JSE floor which their terms of policy stipulate 10 years. Hence minimum shares were listed for trade. Trust fund or annuity share do not loose their market value no matter the volatile the market could be

    • Pulane

      Poor blacks of this deceitful country have nowhere to go when we are robbed by our own people. I thought end of September I will be smilling all the way to the bank but when I phone Sasol Inzalo I wes told that the whites from Australia are accountable for our loss. Black skin is insulted. Oh GOD please help us.

  3. Joyce F Hackenberg

    I am an ex employee of Sasol Oil. Offered retrenchment 2010 with the promise that I will NOT LOOSE my 850 shares given me by the company 2008 and that I am sure to receive the FULL payout come May 2018./for 10/years to received dividends during May and again December without fail. Can a bankrupt fund keep anyone’s hope alive?

    Well I calculated this money as my own l, trusted Sasols promise. Sasol Oil now separate themselves from Sasol Inzalo but we are not all fooled by this smokescreen. Sasol is NOT bankrupt and must own up. This is affecting peoples health. It is gross exploitation cos those who left work 8yrs ago have no representation.
    I trust the real truth about what is happening in the dark shall come out in the light soon.

    • Wouter van Rooyen

      I agree 100% with you. I planned my future with this agreement of Sasol that was in writing. It stated a lump sum in 2018 would be paid.Had 33 years of service and retired in 2015.

      • Doreen Setholow

        Wouter did you receive Sasol Inzalo share payout on 17 September? some people did not get any payout. Sasol made a promise to its employees in 2008 and a few months before payout decided to change. “Robbery”

        • W van Rooyen

          Hi, i did not received anything, and i understood that the payment was only for people who bought
          Inzalo shares. i did not buy my shares i got 850 shares from Sasol in 2008 and i do have a sertificate for that. There was different Inzalo share plans and communication is not good from Sasol’s side. i did receive twice every year a divident but was promised a lump sum in 2018.In 2008 I did understood thate veryone will receive only part of their dividents yearly because the other part would pay for the shares that was bought. I thought everything was fine untill recently when they said in the news that it went bankrupt because of the low oil price. i think their should be a commission that will audit this scheme to see if Sasol was onest and fair. My question is from where did the dividents came if the scheme was bankrupt?

        • Norman

          Hi I’m a Sasol pensioner, and had 26 years service. like a lot of Sasol pensioners I’ve been waiting 10 years for the Inzalo shares to mature. what a kick in the gut when I found out the shares were useless. That money that we were PROMISED after 10 years would have gone a long way to make ends meet. THANKS SASOL FOR NOTHING

          Norman ( a white pensioner)

    • Doreen Setholow

      Joyce did you receive inzalo payout on the 17th September as they said because some people who were retrenched 2015 etc did not get the payout.

  4. Khanyi Msongelwa

    Thank You Probono, I hope this gets to as many media platforms as possible. This can not be allowed it is pure daylight robbery and has pushed black community to deeper hole of poverty that they may never recover from. Sasol Directors a whooping millions at the expense of the poor. And it is not acceptable, Our Government can not allow this to happen

  5. K.PILLAY

    SASOL KHANYISA PROMISED PAYOUT FROM DAY 1, BUT THOSE SOL BEE SHARES ARE WORTHLESS BECAUSE NO ONE WANTS TO BUY THEM.ONCE AGAIN SASOL MADE EMPTY PROMISES.EVEN AFTER 10 YEARS IF THE DEBT IS NOT PAID OFF BY 2028,WE WOULD BE IN THE SAME POSITION AS 2018.WE WOULD HAVE INVESTED FOR 20 YEARS WITH NO PAYOUT.BUT BANKS AND SASOL CASHED IN BIG TIME.WE ARE TREATED LIKE THIS BECAUSE WE ARE BLACK.SASOL USED US TO GAIN BEE CREDENCIALS.BANKS MADE INTEREST FROM US.POOT US WE GOT ZERO

    • Gideon Bosch

      I am n White person and worked for sasol for 38years.
      I totaly agree with you .Inzalo was just a smoke screen to cover them selves from the goverment.
      The new scheme is exactley the same scheme.
      They have foolooed their own employers for 10 years and they have the arogancy to do it again.😈😈😈

  6. Seipati

    Sasol must pay us our capital with interest I would have earned if I invested with other companies like Old mutual..name them, 10yrs without even a dividend, nothing and trying another 10yrs same Yoyo game, they must make a plan on how they pay us..

  7. Junaid

    Sasol must convert all inzalo shares to normal sasol shares not solbe1, with no clauses,we can choose to keep or sell, thats a fair deal after 10years

    • Tim

      Agreed .convert all sol bee shares to sasol
      Nobody is buying solbee & shareprice is around 250
      Too much unnecessary money is spend on auditors
      & consultants .too many bad business decisions .
      There is no value for shareholders
      We hope & pray the sasol can pay off the inzalo
      Loan @ end October & declare a dividend to shareholders like Vodacom
      The Directors are living the high life at the expens
      Of the poor shareholder

  8. Shock Nyambose

    As the years go by our investment smells like a corporate scam pulled on none suspecting and obviously less knowledgeable individuals. I simply want those who pulled the scam to face the full might of the law…and we get paid out benefits, period.

  9. ERIC I MAUWA

    I SUSPECT GUPTAS ARE INVOLVED AND WE CANT WAITE FOR ANOTHER 10 YEARS ALL THE DIRECTORS OF SASOL INZALO MUST FACE THE MUSIC

  10. Dindi

    Good work guys, we need to strongly mobilise against this daylight robbery. I also received 850 shares at the start of this charade. I thought at the time it was a very positive move from Sasol management. Now I don’t knowwhat to say or think. Let’s fight until the bitter end. We’ve got nothing to loose. I left the company in 2011 and hoping for the best…..

    • JOY MANAKA

      I STRONGLY SUSPECT THAT THIS WAS A HUGE SCAM THAT INVOLVES GUPTAS. TO THINK OF I HAVE TWO TEENAGERS AT UNIVERSITY WHO WERE GONNA BENEFIT FROM THIS FALSE INVESTMENT OF SASOL INZALO????”JERRRR” SASOL IS SUCH A SCAM AND SADLY SO THEY ARE SCAMMING THE VERY POOR BLACKS WHO ARE SURVIVING FROM HAND TO MOUTH…..DERMIT MY KIDS NEED THAT MONEY FOR CLOTHING AND STATIONERY, HOW ON EARTH CAN SASOL BE SO CRUEL?????PLEASE PAY BACK OUR CHILDREN’S MONEY, TO HELL WITH SASOL KHANYISA I DID NOT MAKE A LOAN FROM THE BANK TO PAY SASOL’S DEBTS THE DIRECTORS ARE DRIVING HEAVY MACHINES WHILE OUR FAMILIES ARE USING TAXIS TO WORK AND SCHOOL?? SIS MAN SASOL…LE HLABISHA DIHLONG AND LEA SWABISHA MAHODU KE LENA???

  11. Murray Claassen

    Was this just another way of using our Poor Black Community, to fund the White Capitalists and their Black Affirmative Action Puppet Directors, and Senior Managers? I now understand why my White Colleagues laughed at me, when I told them, that my Shares, which I bought in 2008 will be worth at least a R1000 per share in 2018. A Colleague / friend of mine, bought 3000 shares at that time, for his kids future and education. He died in a car crash 2 years ago, and I told his children, not to worry, Sasol Inzalo will provide in 2018. All in vain. SO, NOW I UNDERSTAND, WHY MY WHITE COLLEAGUES LAUGHED AT ME!!!!!!!!!

  12. Khandi Samson Mbanjwa

    I took Sasol inzalo shares back in 2008 for R5000 short term and R10000 for longer term which then was a period of 10 years. During the time when I joined, I was working in Skukuza, Mpumalanga. I used to receive letter with dividend when I was still there for a short term.

    I moved to Johannesburg in 2013, thereafter, I couldn’t received dividend and I was not getting letters since I was using post box address at Skukuza. I tried to call their offices in Johannesburg, I was moved from pillar to post, until I gave up.

    Now I m in Durban and it’s 2018, 10 years since I joined Sasol Inzalo Shares, I should be getting dividend on both shares now (short and long term), but no information provided.

    These people have our bank details, if they lost our contact details, there should inform us via media platforms that we need to provide them with updated details.

    • khandi Samson Mbanjwa

      Probono, thank you for opening a platform for all those poor people who took their last earned cents and invest with a hope of better prospects at the end, but instead someone’s pocket is full.

      They need to tell us how are we going to get back our money with interest accumulated because they failed to honour their promise that’s far.

  13. PHATHUTSHEDZO SOLL PHETHELI

    PLS SASOL DO THE RIGHT THING FOR US POOR BLACK PEOPLE IT CANT BE THAT ALL THESE YEARS WE’VE BEEN WAITING WITH BATTERED BREATH THINKING THAT SOMETHING GOOD IS COMING AFTER 10 YEARS AND NOW YOUR TELLING NOTHING HAPPENED WITHIN THAT 10 YEARS SASOL MANAGEMENT KNEW EVERYTHING FROM THE START OF THIS BEE DEAL.SO MUST HELD ACCOUNTABLE FOR THEIR FALSE PROMISE

  14. george

    My sasol inzalo shares have been converted to khanyisa now. When i asked what is this because i was expecting to get a lot of money since they were made a ten year investment in 2008. Im concluding this share dealing is like lottery and never real. I do not think i will ever buy any shares with any company . It is daylight robbery.

  15. SB Maharaj

    My question is when are they paying us our investment plus the befits we expect 10 years later..? They don’t even have the decency to let us know what is going on a month before maturity of our investment. . Somebody’s pockets have been lined.. I want answers now. Too late for excuses. I want answers now..We are working ppl being conned and robbed everyday by any and everyone who are in a position to rob us.. tired of it. SB Maharaj

    • Annah Dorothy

      I updated my bank details but I did not receive anything what going to happen with my money they just sent me message on Tuesday I submit all my things but not happen

  16. Dumisani

    I used to get dividends when I worked for Sasol til December after which, none is coming forth in April, can’t raise hope about November

  17. Mapule

    I also bought shares I’m really frustrated for locking up my money for ten and not getting anything in return. I thought by now I will be smiling hoping that I will get something, all shares schemes are not working this was not for boasting Blacks it was only a reap off, they are now sitting and smiling back at us while they have build their empire, I was investing this money for my Son so I can have fees to his University studies, Please pay back our money with interest on top, They preach us about investment while they know intention is to reap us off blacks

  18. D. Fourie

    My question is when are they paying us our investment plus the befits we expect 10 years later..? They don’t even have the decency to let us know what is going on a month before maturity of our investment. . Somebody’s pockets have been lined.. I want answers now. Too late for excuses. I want answers now..We are working ppl being conned and robbed everyday by any and everyone who are in a position to rob us.. D.Fourie

  19. DN

    Sasol has compensated us with free SOLBE shares for every 10 inzalo shares we had. The market and sasol share price performed weak over the period of the 10 years. We lucky Sasol has included us in the new Khanyisa scheme for free and given us SOLBE shares. Technically Inzalo was insolvent and we would have came out with nothing. Thank you Sasol for empowering us. Hope that you guys distribute a good cash amount to investors once Inzalo matures in Sep 2018.

  20. Nelie van der Nest

    Im a Sasol Pensioner, and was depending on the Sasol Inzalo money to make life a bit easier.
    Please Sasol make a plan and pay us.

  21. Bongiwe

    I also bought scares from Sasol in 2008,I need to hear the progress because the maturity time for them is very close

  22. Seipati Chalale

    I have never got dividends like other shareholders since from 2008,the computer share have my updated details, can’t even sell my shares 👹had to wait another 10 dark years to get my money back.
    Sasol must pay our money back.

    • BEVERLEY ANASTASIA DAMONS

      Good day. I am an ex-Sasol employee was offered a retrenchment package in 2010 with the promise that I would not lose out on my 850 Inzalo shares. I received twice a year dividents without fail in May and November now a month before payout we had to hear that the ex-employees will receive nothing. W8e were offered shares. Why did Sasol not offered their employees to buy shares as it was so cheap. This is not fair Sasol must do what is right we did also contribute towards Sasol’s success. Thanks for helping us.

      • Ashura Aboo

        Agreed I was given the retrenchment package in 2014 and was told shares were ours now we get swept aside like last night rubbish cos we don’t work for them anymore…. Sasol u got 6 values and live up to none…

  23. Winter

    We need to mobilise our self and make our problem heard the whole world,because if Sasol is only for White to benefit,then MR President must tell us,the money was used to build and organise 2010 World cup and SAsol make alot of money during 2010, even today they are sponsoring ladys football,pay us bfore we ban sasol,that was for our future and our future is now..

    • KGERUDI BOB KGALAKE

      I agree with you Winter we must start boycotting to buy SASOL product now e.g petrol and oil.

      • JT

        Fellow South Africans..what is happening?? another scandal?? now VBS?? all is done purposefully so…it was Sasol Inzalo now VBS?? someone knows something here..please pay back OUR MONIES our kids need it??if people can steal such amounts WITHOUT BEING NOTICED IN SOUTH AFRICA??means anything is possible..COME MTN-ZAKHELEFUTHI MATURITY I AM crossing FINGERS……….

  24. Philemon

    Pay back our money I’m unemployed now kids must go to universities the corrupt people rob us the hard earned money what does the government say about this matter

    • KGERUDI BOB KGALAKE

      The government is just like Sasol is robbing its citizens tax money ( they are thieves in sheep’s skin).

  25. Busi Dhlamini

    Please count me and my pensioner aunt in, we also want to see justice done. My aunt has been waiting for 10 years to get the fruits of her investment and what I have just read above is not pleasing at all. info@probonomatters.co.za please add us to the list of complainants.

  26. Anne

    what upsets me a bit is the person who made the commen on the white people. I am also a white person. I am also poor. I was but 14 years old in 94. I also bargained on these shares to help my children better their future as I have cancer an wont be around that much longer. I also was promised it and stuck around for 10 years. have been working for sasol for 19 years. Khanyisa offers the poor black people who have been working for sasol for 3 months R500 000 in shares and I get nothing. how is that not racism. I was not part of the priviledged white. I had to EARN the meaningless low level job I have had to hold onto for dear life and I cannot even find a job elsewhere as I am white. Please do not look through the privileged white people goggles. we have not all had it easy in life.

  27. Pingback: Sasol Inzalo B-BBEE scheme might make some money for investors | UJUH

    • KGERUDI BOB KGALAKE

      I am an ex-Sasol employee i took my early pension in 2014 putting all my trust on my 850 nzalo shares.Sasol must just pay us.

  28. Patsy Ramiah

    My husband bought sasol inzalo shares in 2008. He was retrenched a few years ago and was really happy thinking that he was going to get a decent payout as he is battling to make ends meet. After phoning computer share last week he is highly depressed and angry to find out that sasol does not have money to pay out for inzalo shares. What a rip-off. The govt needs to get involved. Can this be aired on Carte Blanch and the media at large so poor people who invested will be aware of whats going on.

    • Sandra James

      I invested in Sasol BEE Shares I’m not interested investing for a further 10 years..pay back my capital with compounding interest come October 2018.

  29. Ntsiki Majola

    Can I suggest to all inzalo shareholders to set a date for a meeting with sasol managent and the media because surerly we have been scammed.They are telling us to sell unmarketable shares why?Nobody wants to buy these shares,the very same banks who benefited with billions are keeping mum. Ngaske kunyiwe qha!!!

  30. beepraj arjun

    inzalo shares are not the only rip off on the sasol site.people have also worked on their sites on very long term contracts[some cases more than 15 years] for their contractors or companies fullfilling their tenders and have not received benefits on end of contracts. sasol is the parent company and should hold their contractors liable and should police it as in most cases these benefits are part of their contractors tender.

  31. SweetSol ZA

    It is thee most sharpest pain ever to be caused on the lives of the poor,hardworking and honest law abiding South Africans and human race at large.
    Question is who controls these ruthless Corporates and how do they manage their thievery filled lives – No remorse. All they rather do is remunerate a human bodied empty soul to do PR for them ( lie by obscurity). Now i understand what they meant by “the Bear naked truths is always chasing at the well dressed lies”. It is only a matter of time till we reach the final hour where many heads will lose power… It is my wish and my blessing for fellow investors to find a way to ultimately concur and shine much needed light in this dark hour.

  32. dev

    Agree,white people earning a low salary at Sasol should also be given the opportunity to participate in the scheme. in saying that Sasol earned BEE points for period 2008 to 2018 but delivered nothing to Inzalo investors. BEE ombudsman should independently obtain advice on these BEE scheme as set out by Sasol. these schemes should be forced to atleast return the capital invested plus the compounded interest to break even at worst case otherwise Sasol will earn another 10yrs BEE status and leave the investors with nothing yet again. if one reads the memorandum on khanyisa scheme, there is also no guarantees that the debt will be repaid at year 10. Sasol did not share projections to prove atleast the scheme will be fully paid. What is the CONVERSION FACTOR from KHANYISA to SASOL ORDINARY SHARES at end of 10yrs. 10:1?? where is the value. 1 Sasol share for every 10 khanyisa. the media is misguided as to amount paid over to INZALO shareholders. the figure is mentioned is R2.5 BILL. WRONG only R32MILL paid (R2 * 16mill shares) in 2014.

  33. errol a disappointed investor

    it is extremely disappointing that a gigantic company like SASOL can be responsible for causing so much pain and suffering to the poor.We really do not expect millions like those in higher positions only that they consider the very poor investors that put them their initially .Come on guys have a heart and think about us for a change it will change the hearts of investors towards your gigantic company forever

  34. James

    I have been calling Sasol Inzalo office from the begging of 2018 for answers because matured shares should pay out but no they did not do that and no one even bothered to explain.
    Now I want what I invested in for this many years,what can one do now so we can get what belongs to us

  35. Bomi

    I had plans when I invested in Sasol Inzalo shares in 2008 and I waited patiently for 10 years for the payout, only to be told I have to wait another 10 years for Sasol Khanyisa shares to mature. Heavens know where I will be in 10 years time……..I want and need my money now.

  36. MT Sephai

    my mom bought the Sasol shares 10 years ago and she is a pensioner now and looking forward to spending her money end on october. What do i tell her now?? That she’s been robbed/scammed!!!SASOL please do the right thing.

  37. Anonymous

    There is no way Inzalo didn’t make money over 10 years. The share price over this period was over the R480 benchmark for about 7 years out of the 10 years and is currently sitting at R562 which is a very healthy situation.
    The company has also completed a US$13 billion plant in the US and moved to a very new smart building in Sandton. Hence, there is enough money in reserve to pay out investors.

  38. Sbongile

    I called computer shares on the 13 August to find out sasol inzalo shares have been converted to khanyisa for another 10 years, yoo I’m so depressed and tomorrow m unemployed

  39. dev

    Sasol gets its B BEE certificate for another 10yrs. Sasol happy with that but is exploiting BEE investors into thinking this time around the BEE investors will reap the benefit. 2.5% of the dividend to paid to the investors. absurd and ridiculous. let quantify 2.5% dividend. assume R10 dividend paid in 2019. you own 100 khanyisa shares. pay out to you = 100 * R10 * 2.5/100 = R25. R25 paid to the investors who own 100 khanyisa shares. come on Sasol is this the respect you are showing the bee investors. people need a proper dividend now in these tough times. take a look at phuthuma nathi (naspers bee deal). investors are currently a handsome 20% dividend in the pocket less tax. That is truly uplifting and empowering.

  40. dev

    And for the love of god. Khanyisa trustees should NOT be allowed to entertain the banks with these equity derivative structures. banks are THERE to enrich themselves with very little consideration for impact on scheme. Diluting any possible benefit. Trustees should consult an independent adviser. i’m not an adviser but willing to render my expertise for free of charge.

  41. dev

    Also makes sense why Christine Ramon jumped ship from Sasol to Anglo-gold Ashanti. she was the CFO at Sasol and one of the persons thus responsible for the Sasol Inzalo scheme. She knew in 2013 the scheme is a failure. Her pot of Inzalo were not worth sticking around for. Reaping a big bonus somewhere else.

  42. Ashavanie Aboo

    I am an ex employee of sasol I worked there from 2007 until 2014 before been retrenched. Sasol at that stage k ow it’s financial situation hence the massive retrenchments however they still fooled us into thinking we will get our share payout. I personally was counting on that money to assist with my financial situation. Called sasol last yr Jan was told shares will pay out in Apr of this year no mention it will not be paid out. They can check their Calls are recorded.

  43. Alex

    People you should not worry it is a winnable case. Our shares were kept into a trust fund and we’re not listed for trading into the JSE floor. That was the nature of how the scheme was developed and formulated not to drop value when the market is volatile. They are annuity trust fund shares, you cannot loose your investment if the market drop but you might loose dividends than your money. This are less risky shares and has no risk involved.

    You will see they were not listed for trade into the JSE floor then how would they grow profit for shareholders or shares cannot be invested and be buried under the ground. Hence the trust fund scheme style of investment. We invested on a scheme for borrowing to more risky unit trust like banks and housing and infrastructure development projects thus why they were rated as BEE scheme shares (Annuity trust fund shares are not open for trade in the JSE floor, our Sasol Inzalo were not listed
    Be happy we shall nail them because we have our original contract stipulation what kind of share are preference shares and how the work and profit investors
    Be well, we shall win this case from incompetent Non Executive Directors of Sasol Company

    Alex

  44. dev

    sasol should in fact extent the current Inzalo deadline from 7Sep2018 into the future. Currently Sasol shares price is at R570. break-even is R470 give or take. R100 intrinsic value per one Inzalo share.With
    oil price moving higher and the weaker Rand, this will most likely propel Sasol shares much higher and the imminent production at Lake Charles(the big investment in USA during last 10yrs) should in fact see Sasol trading as high as R1000 per share in near future. Inzalo will definitely provide a big boost IF KHANYISA AND SASOL INZALO are allowed to run concurrently. NOW THAT WILL BE EMPOWERMENT.

    • Alex

      Dev you seem to think R570 and you minus R100 which sasol inzalo shareholders could benefit as R470 would settle a cooked (speculative figure on debt incurred)

      Lets be rational how would this debt could have been paid, because on record the computer shares been instructed by Non Executive Directors a sasol board that the BEE sasol inzalo shares were not listed or minimum of them had saw the light of trading floor within the rage in JSE.
      Then how would the growth could have manufacturer itself in the period of ten years.

      If shares were not listed “one question arising how shareholders were invited to attend on shares which were buried in a sand

      Sasol must be honest and answer relevant equity question than giving us a face or turn their nose on investors.

      Open you yearly audited financial report since 2008 and lets see how your market and business strategy was developed under what benchmark. And how then former CEO’s like Khehla Mkhabela would account for his recovery strategy on his minutes

      Financial services board should offer their services because shareholders are been defrauded

      Forget damage control mechanisms from political organs (citizens advice bureau in Pretoria is another area aware of advocate Paul Hoffman involvement as an arbiter on sasol board fiasco
      Now got an email from computer shares my email address has been updated CAPITAL LETTERS THAN alexmagagula70@gmail.com
      If I may ask who has a power over my personal details non other than the security force and intelligent office of the country, even court application a judge could reach such decision they did it on our uploaded president francois burgers Pretoria on YouTube by Louis Podbeilski

      Alex

  45. VICKY

    LONG,LONG, LONG TERM INVESTMENT IS THEY KEY. I AM GLAD I SET ON MY HANDS AND BOUGHT MORE INSTEAD WHEN PEOPLE WERE RUSHING OUT OF THIS VEHICLE. SASOL SHARE PRICE HAS BEEN MOVING HIGH. MY SASOL INZALO WENT TO ORDINARY SHARES, MY KHANYISA ARE AT THE BOTTOM DRAWER, I WILL CHECK IT IN TEN YEARS TIME, BUT FOR NOW R577.00 CURRENT SHARE PRICE WILL GIVE ME NICE DIVIES, WELL I FORGOT ABOUT THOSE BONUS SOLB1 ALSO FOR NICE DIVIES TO ENJOY OR REINVEST IN BUYING MORE SOLB1.

  46. dev

    Current Sasol share price, being R571 provides a small relieve to most investors. Ten years is long time and people had real hope that Sasol will deliver after 10 years. I’m not sure how old VICKY is right now but a lot of people were in their fifties 10 years ago. in 10 years time they will be in seventies. so time waits for no man. Sasol management very well knew 10 years ago that the capital projects that Sasol invested will only come into production 2020. So management (Constable, Ramon etc) were really banking on oil price going to $200 per barrel and Rand weakening to achieve value for BEE investors. Badly advised by banks (banks made a killing of this funding and derivative hedging). Sasol in other words only wanted to secure BEE status at the exploitation of poor investors. 2018 and most of the potential production has not happened.
    Financial Service Board must take blame and again for Khanyisa scheme. the devil is in detail. please read through the khanyisa memorandum to understand what in there. KHANYISA DOES NOT GUARANTEE FULL PAYMENT WITH PROCEEDS OF THE DIVIDENDS HENCE DOES NOT GUARANTEE CONVERSION OF KHANYISA TO SASOL SHARES ON ONE TO ONE BASIS. THAT IS ONE KHANYISA DOES CONVERT TO ONE SOLBE OR SASOL SHARE. ALSO AT WHAT INTEREST RATE DOES SASOL CHARGES KHANYISA. THERE A CLOUD THERE.

    • Alex

      Dev you seem to have inside information. Do you still have you contract on the sasol inzalo stipulation

      There was a terms at which the dividends per share could be paid per period 2010 has certain among 2011-2014-2017 a flat dividends until 2018 when they mature THUS WHEN ALL THE BEE SHARES ARE SOLD, AND WE GET OUR DIVIDENDS AND THE SCHEME GETS FROZEN.
      Dev I saw you address Vicki like tongue and cheek scenario.
      In deed certain shareholders are pensioners and couldn’t wait another 10 years, somehow gets disappointed as stocks are volatile and fluctuates
      What guarantee they would perform, this time around.
      It is noted it is tongue and cheek. Saw all your previous contribution and a change of tune after my piece on the 3 September 2018; yours follow on the 4 September 2018. And you gave as market value of shares at R570, on our BEE CERTIFICATES WHICH SASOL CONVERTED AT A TUNE OF R5 000 000 what was a reason and how and where were they trading than JSE FLOOR. Yearly audited financial report by pricewaters&coopers Inc

      Security shares it was our gain
      Alex

  47. dev

    Alex, no inside information but my analysis is based on the information from the prospectus,memorandum, the media and Sasol.
    i do however have a firm understanding of financial markets. I verified with Computershare, there was only one dividend paid to the inzalo shareholders of R2.00 per share in 2014. hence i previously stated the media is misguided as to how much the inzalo shareholders received thus far in cash. the dividends paid over to inzalo from sasol was never going to be enough to repay interest on the preference share and therefore very little leftover to repay the shareholders. if Sasol was honest with themselves in 2008, they would have clearly stated the dividend would be insufficient to pay the shareholders for next 10 years. remember inzalo paid a deposit of approximately 10% of value of sasol shares in R36. the balance was funded by issuing preference shares to the funders. Sasol stood as a guarantor to repay the the funders after year 10. at one point Sasol would have to come up with the differnce to repay the funders but fortunately for sasol, the sasol share price spiked above the breakeven value. so sasol redeems the preference share without having to take a loss on the inzalo shares.

  48. PD

    In 2008 I was based in Bryanston when we were given our 850 INZALO shares – we were all over the moon – I had never been given anything free like that before. Our manager still said to us ” hang on to these, they could be worth a million in 10 years time” Yeah …… Right ….. At no stage were we EVER told we could land up getting NOTHING in 2018. At that stage we did know that the payout would depend on the oil price at the end of the period but not that it had to be above a certain figure.
    So, I stuck it out with the golden handcuffs keeping me in my place, not wanting to leave as I didn’t want to loose out on my nest egg and in 2016 when Base Chemicals kicked in I took early retirement , as I was 59 and the working conditions became horrific. I at least had the knowledge that I would have something due to me from INZALO although it would now not be anywhere near the million mentioned in 2008. Imagine my dispair when I found out that INZALO was insolvent. I have a friend overseas who was banking on using her payout to put her son through university, I was going to use mine in the business my husband & I now have (he was a consultant @ ABSA and his contract was not renewed end 2016 as he was 64 years old & he now had to find alternative employment)
    if I had known there would be no INZALO payout, with hindsight I would not have taken early retirement! – I would have tried to find employment elsewhere & done it a lot earlier instead of having hung in there until 59 with the stress almost killing me, to land up with NOTHING. I lost SO many years working at SASOL with the INZALO carrot dangling in front of me when I could have possibly moved elsewhere

  49. Herman de Roubaix

    I left Sasol end of May 2014 due to medical dissabilty caused by a IOD.
    April 2018 I contacted Allen Grey for the Inzalo investment, just to find out that the sheme collapsed an no payyout will be done.

    Thanks for keeping me in the dark and took the food out of my mouth.

  50. susan

    I took the package in 2011, after 20 years with Sasol. Was looking forward to contributing to my child’s future education, being a single parent….dololo…

  51. Anon

    As I understand it, the way this whole INZALO scheme was structured the only people who made any money out out was the banks that financed it. How could SASOL have gone into something like this, that with hindesite looks totally reckless and almost gambling with peoples money. I call it peoples money, because in my case the shares were given to me at no cost, but it was an asset or at least should have been! I feel REALLY ripped off that I’m now no longer with SASOL & after more than 30 years service discarded – I really hope something can come out of this

  52. Ezekiel kambule

    I’m a share Holder at sasol waiting for dividend I need clear explanation when I’m going to have dividend

  53. Nape a Mphela

    Inzalo was a fake. How can a company of this size, with all the actuarial and financial skills at its disposal take full ten years to realize that a project is not going to give the expected results? What about risk management? Couldn’t someone on the fifth, sixth or even the seventh year see that Inzalo was in trouble and take contingency measures. They knew the scheme was a dead cat, and they loved it.

  54. dev

    Hello. perhaps a a tiny bit of good news. Inzalo has finally closed and there is a surplus of R1.3 billion available for distribution to Inzalo shareholders.
    Each Inzalo share will receive more or less R85 per Inzalo share on the 17th Sep 2018.

    example if you owned 100 Inzalo shares then your payout = 100 * 85 = R8500

    • Alex

      Dev then how do they reason KHANYISA SCHEME to shareholders
      Is the scheme still continues as it was formulated and designed as contingency mechanism

      Sasol Non Executive Directors must be honest with shareholders and computershares. All the planning and the market study done at our investment products. How much was spent developing and on strategy

      The ball is in their court. Dev judges in the North Gauteng division of the High Court know the battle I waged against sasol company directors, only between us

      Tshwane information centre old Nertherlands bank building just opposite General Paul Kruger nickname Mamelodi and a township adopted his nickname, a thought given out by its former mayor HM Pitjie.
      Tshwane information centre knows about BEE certificate developed at R5 000 000
      Alex

  55. Ashura Aboo

    Hi pro Bono please can you help us ex employees who were promised the shares. Now we are told we didn’t fund it from our own pocket so we can’t get a payout this after it was promised to us when we got retrenched

  56. Alex

    Lets all sing hallelujah for change has come at a right time, all interested components which were a help seeing investors have at least a rewarding experience on their investment, praise should be given to you for hard work.

    Sasol Company has repurchase its sasol inzalo shares and delisted BEE sasol inzalo shares from JSE, computershares was not involved from this transaction but Fundco were paid to settled sasol company debt from its creditors and a surplus of R1,3 billion would be paid to shareholders. R85;63 per share

    But a question is 16.1 million shares are delisted and who owned those shares as we speak now.

    It is a mystery because computershares was kept in a dark as previously was my understanding. The Non Executive Directors of Sasol Company are the chief architect and computershares were supposed to be executors a cut and paste formulated policy

    We have been proven beyond reasonable doubt
    We are going to be paid, but the journey is not over still court battle would follow

    Round one is won and over
    Thanks Dev for your enlightenment point during this trying time and never tire to further fight good battles for less fortunate
    Alex

  57. dev

    this sudden windfall is great for Inzalo shareholders. all thanks to sudden market movement in Sasol share price and NO CREDIT TO SASOL. But I do hope that the Sasol employees who were on the scheme wins their battle and do get some kind of compensation. Sasol employee scheme also forms part of the Sasol BEE scheme and therefore should also benefit. Sasol cannot treat BEE employee scheme as a share option scheme which is reserved for management.

  58. JOY MANAKA

    SASOL INZALO I HAVE INVESTED THIS MONEY FOR MY KIDS WHO ARE FIRST YEARS AT UNIVERSITY THIS YEAR 2018 ( TWO OF THEM) RIGHT???? I NEED MY INVESTMENT UNLESS YOU DID THIS DELIBERATELY TO SCAM POORER OF THE POOR JUST LIKE OUR PRESIDENT DID. I SUSPECT GUPTA IS INVOLVED HERE IF NOT SO PLEASE PAY US BACK AS PROMISED. I AM A CONTRACT WORKER AND MY PLAN WAS TO RESIGN AND START A BUSINESS WITH THAT MONEY SO THAT I CAN PAY MY KIDS’S FEES…NOW THIS NIGHTMARE??? NOOOOOOOOOOOO!!!!!!!!!!
    I CANNOT DEAL!!!!!!!!!!!!!!!!!!!TO HELL WITH SASOL KHANYISA IT IS DEFINITELY ANOTHER FALSE PROMISE DERMIT!!!!!!!!

  59. PSG

    Why do you think Constable, Ramon and Fakude left Sasol before 2018? They knew what was going to happen come 2018. We were fooled, at no stage was it communicated that there might be a possibility of 0 payments. We understand shares fluctuate but the Inzalo shares were not traded on the JSE. I’m an ex Sasol employee rentreched in 2015, and were promised not to loose out in 2018. I too, was banking on getting something as I’m still unemployed.

  60. Audrey

    Sasol Inzalo we need our money.We are not buying the stories that we are hearing in the media.They cannot play games with our money.It is not yet over.

  61. Ron

    I do hope that the Sasol employees who were on the scheme will win their battle and get compensation.
    sasol Directors are cruel for making empty promisses to their workers.SIS SASOL

  62. dev

    B BEE COMMISSION must really show their worth and protect the poor people from B BEE scheme that promises a lot but deliver little. B BEE schemes must show projections based on sound expectations in the companies performance. The salient features of these schemes can sell “ice to an Eskimo” but the fine prints tells another story. B BEE schemes must be better planned and have genuine and honest behaviour in helping the poor people to achieve financial freedom. Take a look at PHUTHUMA NATHI performance. An excellent scheme paying high dividends.

  63. nan

    Hi guys
    I had on the radio (mhlobo wenene ) that all SASOL shareholders to contact 0800 000 222 for update bank details for pay out…

  64. Pamela

    Hi guys I also invested in sasol inzalo to my surprise I received 1827 for 25 shares from 2008 shocking

  65. JT

    Hi fellow South Africans
    I have invested a lot with Sasol Inzalo this morning |I got an sms notifying me that I have 85 shares=R5100 what a nightmare this is? I need a full explanation as to how come I have received this amount and how many shares I am left with? this is a bomb? for ten years? I should have invested my money with Sanlam or Metropolitan.I think MTN shares are the best…SPEECHLESS SO TO PUT IT…IT REALLY SHOWS THAT BLACKS WILL ALWAYS BE THE VICTIMS HERE..WHITE GOVERNMENT WAS FAR MUCH BETTER BECAUSE THEY MADE SURE THEY SHARE WITH THE POOR. IS THIS WHAT DEMOCRACY MEANS? WE NEED INPUT FROM OUR GOVERNMENT FOR SASOL TO BE ENCOUNTABLE…I CANNOT THINK ANYMORE
    TJ

  66. Aaron

    I worked for Sasol Oil from 2008 to 2013 and they sell our Company(Tosa) to other people.They told to fill up some documents saying that our Inzalo shares will be at Investec no longer with them.When I phone Invstec about the Inzalo shares they say I must contact Sasol.I’m confused.

  67. Lehlohonolo Petrus Mphuthi

    I would like to know if I have invested with my child’s name and need to know where will the dividends be deposited cause am not sure if I did put in the details of my bank. So I would really appreciate it if I can get Sasol Inzalo office enquiries/email/phone number/etc.

  68. Alex

    Government BEE CREDIT RATING is not oh, sasol retrenchment employees should be paid separately from original 16.1 shareholders because they were not part of the original scheme

    Our shares are still intact and sasol should honour its original contract of 2008. They had to dissolve the sasol inzalo scheme

    How do you make a surplus of a tune of R1,3 part of a terms which sasol retrenchment employees were not part of. Sasol employees had their case to be answered than be part of 16.1 shares which sasol company repurchase

    I am happy for what has turned up to, it is a proven account that it was not proper for sasol to have created a new scheme with our shares KHANYISA as it never covered original shareholders but the new KHANYISA scheme

    I got paid but let sasol company honor the rest of the original stipulation of our contract and dissolved the scheme as was from what shareholders bought too
    Thanks probonomatters and friends all over the world for helping in this one and intercepting the scam. Alek William in the state hands on you friend for your input so is Dev who highlighted ex sasol employees plight

    They were not part of original scheme and they can’t pay our debt and be part of a dividends of R1,3 billion surplus

    It is dividends than a total mortgage of our Sasol Inzalo shares we still have those shares and sasol inzalo scheme is still collecting money for shareholders until its original contract is honoured

    I had enjoy a token paid on my bank account but I looking forward for the rest of my money

    Be well

    Alex

    • Grace

      i also received an sms to say I should email or call Sasol inzalo with my banking details of which I am surprised because I never changed them.

  69. Tswatswa

    All I can say is that sasol took us by a ride. I was shocked when I received 3990. I thought it was just the beginning of my payout just to find out that it’s now closed.

    • nan

      Me and you are the same . I am getting the same amount, I am however struggling to update my bank details with them.

  70. Aaron

    Sasol must be sued for bridge of promise for an empty promise to the ex employees and their employees who participated in Sasol Inzalo.We can’t just wait for ten years for nothing.This is so heartbreaking and it’s causing illnesses to some of us.

  71. Cain Mosia

    I want to have information on how to change beneficiary of a late share holder? I want to put the kids on your data because they are still Young, please let me know?

  72. SM

    “Sasol Inzalo Public shareholders – the SIPBEE cash distribution is separate from your Sasol Khanyisa shareholding. You still own Sasol Khanyisa shares.” Sms received on 21 Sept 2018.
    So that means we still own our shares. I was confused when I read that it is now closed.

  73. Andrew

    Yes, but what I would like to know is: where are my SIPBEE shares, as they do not apear on that BEE segment? are they still in Sasol

  74. Pingback: Sasol ex-employees cry foul after B-BBEE deal fails to make final cash payout | UJUH

  75. Pingback: The Sasol Inzalo fiasco: Sasol responds to questions about position of ex-employees | UJUH

  76. Alex

    There are all saboteurs probonomatters is a fraud. They have destroyed client and service providers relationship based on ethical conducts

    Where do you find a high profile cases be destroyed as what was started by them. Lawyer took to fight for sasol inzalo shareholders.

    We need answers, why negligence of duty by probonomatters. Let law society intervene.

    Non Executive Directors of Sasol Company and auditors could have bought the probonomatters their silence and double cross sasol inzalo shareholders, why they stop investigating KHANYISA scheme as shareholders of 16.1 million shares had nothing to do with such security as attached

    alexmagagula70@gmail.com

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