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The Young Communist League of South Africa's (uFasimba) National Secretary, Buti Manamela, held a meeting with a delegation of the leadership of NAFCOC (which included its President and the leadership of its youth-wing) on the crisis between NAFCOC and its investment arm, NAFHOLD. The YCLSA is worried about the ongoing crisis and hope that the parties will resolve it soon.
We also want to affirm the decision of the National Council of NAFCOC to express confidence in the President and Deputy President of NAFCOC, and recognise these as the legitimate leaders of NAFCOC.
We are also concerned that, if true, allegations of misappropriation of funds from NAFHOLD will prejudice the general membership of NAFCOC, the majority of whom are Small, Medium and Macro Enterprise, small-scale and survivalist businesses, co-operatives, and are also young people in that finances aimed at their upliftment are squandered by few individuals.
We will be seeking audience with the Chairperson and the CEO of NAFHOLD to get their side of the story. We call for the Minister of Trade and Industry to also urgently intervene and through mediation or arbitration to ensure that small-scale traders do not suffer further. NAFCOC remains the only hope of facilitating capacity for up and coming SMME's and informal traders, and thus, it should be in the interest of our government and the membership to intervene. In this regard, we have also written a letter to the Minister of Trade and Industry to intervene.