Sasol ex-workers have been treated unfairly in the Sasol Inzalo affair

Posted on:
26 Sep 2018
Category:
Financial, Investment, Personal
Posted by:
Michelle
Occupation:
individual
Region:
gauteng

Good day

I bring the matter forward of ex-employees of Sasol who were part of the Sasol Inzalo scheme and have been excluded from the payout made by the scheme recently. Upon exit from Sasol, mainly due to retrenchment, each employee signed a form that was indicative that we retain our shares and they will not be forfeited. When we queried in May this year, when the maturity of the shares was evident, we were told that the fund was in debt and did not make the finances to pay individuals out. This however made a turn when Sasol announced that the investors will be paid out and the fund has made the profit. Even though what the share price offered was not favourable. So in legality the terms and conditions of the fund has changed and this would now also be applicable to the ex- employees whom shares were allocated to. This matter has aroused so many discontentment amongst the ex-employees as we feel deprived and not taken seriously. Can this matter be seen as just for our concerns?

Thanks Michelle Richean

6 Responses

  1. Dee Cousins

    I am an ex-employee of Sasol Oil, having been retrenched in 2010. Upon my enquiring I was informed by e-mail from Investec on 31st August that: “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.”
    It was my understanding that I would retain these shares on retrenchment, and I have been paid dividends twice annually since 2008. Of which, I might add, I was entitled to only 50% of the dividend amount as the remaining 50% was to cover for admin fees.

    • Mxolisi

      Good day

      During the year of 2010, Sasol oil was downsizing for business optimisation. Employees were giving options of early retirement or voluntary retrenchment. One the benefits was to retains the shares and receive dividends until the end of 10 year period and receive the lump sum pay out. Had I seen the future to loose like we have, I would not have taken the package.

  2. Bernadette Applegreen

    In light of the matters published above on the Sasol ex-employees being excluded from the Inzalo Share Scheme I second these views.

    In addition, with reference to the presentation dated 7 February 2014, presented together with the section 189’s ex-employees(retrenchments) , were considered good leavers page 3 of the presentation ”
    “What happens if I leave the service of Sasol
    Good leavers retain 100% of their shares

    Retirees

    Medical Impairment

    Disability

    Death

    Retrenchments

    Sell of Business

    With the Share price having reached its high of of 500+ should now have incorporated all eligible shareholders as contemplated in their “empowerment landscape document” stating “Eligible Inzalo shareholders comprise all Inzalo shareholders who are Black (as defined by the B-BBEE Codes)

    Awaiting your response

  3. william

    Can pro bono announce this matter in radios and Tv so that all who were entrenched in 2010 and 2015 can submit they personnel details .and please give us your postal address and telephone numbers
    Thank you
    William Mokoa

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

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