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According to his personal profile <http://www.linkedin.com/pub/enoch-godongwana/21/2b8/5ba>  on the social networking site LinkedIn, former Economic Development Deputy Minister Enoch Godongwana, may be working for an independent brokerage firm despite being under investigation for squandering R100 million in pension funds.

In January of this year, Enoch Godongwana resigned from his post as Economic Development Deputy Minister after the DA called for an inquiry into the dealings of Canyon Springs Investments. As part owner, Mr Godongwana was allegedly responsible for the disappearance of millions of rands from the South African Clothing and Textile Workers’ Union (SACTWU) pension fund.

Shortly after his resignation, the spokesman for Presidency Mac Maharaj was quoted in the media as having said that Mr Godongwana had resigned “to pursue personal interests”.

It has now emerged that these personal interests may include occupying a position within an independent brokerage firm.

If this information is accurate, it is difficult to imagine that the Financial Services Board (FSB) would be happy about Mr Godongwana advising the public on what to do with their hard earned savings.  

As the entity established by statute to oversee the South African Non-Banking Financial Services Industry in the public interest, the FSB has an obligation to ensure that practitioners exhibit an exemplary professional record. This is clearly not the case with Mr Godongwana.

As such, I will be writing to the FSB to establish:

• if Mr Godongwana is active within the industry; and if so
• what is his role within the said firm; and
• whether he qualified for the role by satisfying all necessary industry minimum standards and background checks?

Individuals under investigation for the mismanagement of pension money should not be allowed to go anywhere near the savings of hard working South Africans.