Sasol Ex-Employee: The Sasol Inzalo promise has not been fulfilled. Please help

Posted on:
6 Sep 2018
Category:
Class Action, Investment, Workplace
Posted by:
Elizabeth Emma Jackson
Occupation:
individual
Region:
gauteng

I worked at Sasol Oil and was declared disabled in 2014. All employees were given 850 shares and was not allowed to purchase shares in our own capacity. A month before Sasol was suppose to pay out we read that the shares was worthless because it did not perform well. We were not told that we will only be paid if the shares perform well. Sasol has caused a lot of emotional stress and health problems to a lot of ex-employees. Most of us is over 50 years and unable to find jobs. We budgeted and planned our finances around this payout and are left stranded at the moment. I read an article that Sasol bought the shares back at R0.01 per share and that there will be no distribution of shares to the Ex-Employees. Why did they not give us the opportunity to purchase the shares at that price and transfer it to the new Scheme. We need your assistance because our hands are tied and we don’t now what to do because Sasol is just disregarding us and don’t care. My personal opinion is that they use this initiatives to comply to the BBEEE scoring and when the period is over they just start another one. ProBonoMatters please we need your assistance. Sasol cannot be allowed to get away with traumatizing so many lives and families.

3 Responses

  1. Christina

    Well i was expecting something in the bank on the 17th September but i was so disappointed because was nothing so as a ex Sasol employee i mean nothing to them but there is one thing i can tell you God is not sleeping so yes for 10 years you made us believe that we will bennefit from what we thought was a good investment.How do you sleep at night knowing that you use poor people for your own getting rich schemes.

  2. Marisa Page

    To whom this may concern.
    I worked in Sasols capacity for 15 years. We were given 850 shares 10 years back and diligently without fail received our dividends twice yearly. We also signed for the shares. I don’t understand why we never received our final dividend paymenth and no one had the decency to even notify us by post or mail. At the time of Sasol retrenching, certain people had no option but to take VR packages because of Sasol relocating to Sandton. I was one of them. My goal was to retire with themy but they made it difficult amongst other issues. All I have to say is….SASOL do the right thing and pay us what is rightfully ours.

  3. Dee Cousins

    As an ex-employee, retrenched in 2010, I too was led to believe that we would receive a pay-out upon maturity. On querying with Sasol Shared Services, I was referred to Investec, and received the following reply on 31 August 2018:
    “Hi, Please note that these share did not performing well, they have no net value which means you forfeited the shares. I have forward the latest communication to you, kindly go through oy for more details and numbers. Kind regards,”
    I fail to understand how this can be such a cut and dried matter on Sasol’s behalf.
    Please help us to fight for what we should be entitled to.

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