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.

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.

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

7 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.

  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.

  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.

  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

  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..

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