Latest news with #VincentMatlala
IOL News
3 days ago
- Business
- IOL News
Foskor executive remains suspended after firearm threats in boardroom charges withdrawn
Foskor is a South African phosphate producer and fertilizer manufacturer. It mines and beneficiates phosphate rock at Phalaborwa in Limpopo, from where it is carried by rail to the production facility in Richards Bay in KwaZulu-Natal. Image: Supplied Suspended vice president for human capital and corporate affairs at Foskor, Vincent Matlala, has alleged that criminal charges laid against him earlier this year for pointing a firearm at a colleague had been concocted by a disgruntled subordinate at the State-Owned Entity. Matlala's assertions come in the wake of the charges being withdrawn last month at the Midrand Magistrate Court late last month. Speaking to Business Report this week, Matlala, said he had lodged a disciplinary and misconduct grievance against a colleague for processing inappropriate payments to employees who were ineligible for such benefits, including dubious travel claims and other serious allegations of misconduct. Foskor is a South African phosphate producer and fertilizer manufacturer. It mines and beneficiates phosphate rock at Phalaborwa in Limpopo, from where it is carried by rail to the production facility in Richards Bay in KwaZulu-Natal. Matlala said he had not faced any allegations of corruption from Foskor pertaining to his conduct or relating to the failed 2019 Kopano Foskor Employee Share Ownership Plan (ESOP) as he joined Foskor in 2023, though he confirmed playing a role in its resuscitation. "Indeed, I was hard at work to resuscitate the Employee's and Host Communities's Empowerment Share Scheme, and records on the work I have done on this are available from Foskor; the majority shareholder IDC, as well as from the engagement sessions I facilitated with with rightful beneficiaries of the Empowerment Scheme, including Employees' Trustees, as well as Host Community Trustees," Matlala said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading However, he said there has never been charged with wielding a firearm in the boardroom nor in the employer's premises. "The SAPS investigated the matter, resulting in court proceedings where the charges made against me were withdrawn as such charges were baseless and unfounded," he said. "The employer also subjected these allegations to an independent forensic firm, where I was cleared of allegations made. I was relieved of my duties pending these investigations, and I cooperated fully with the investigators." Foskor group manager corporate affairs, Vhontsia Ramashia, said Matlala remains on suspension pending an internal disciplinary process into allegations of misconduct. "This process is entirely separate from any criminal proceedings, which fall outside the company jurisdiction. This is being addressed strictly in accordance with company policy and the highest standards of corporate governance. No further comments will be provided," Ramashia said. As Matlala waits for the outcome of the internal review, he is adamant about correcting what he perceives as a smear campaign against him, rooted in his attempts to address misconduct within the enterprise. According to Matlala, he lodged disciplinary and misconduct allegations against a payroll manager for a variety of financial misconduct allegations. "I invoked disciplinary steps against him for serious misconduct, including processing material undue payments to certain employees; dishonest travel claim for himself; and other allegations," Matlala said. "He rebelled against these disciplinary steps by lodging unfounded allegations of misconduct against me with the employer, as well as with the SAPS." BUSINESS REPORT
IOL News
19-05-2025
- Business
- IOL News
Foskor's HR executive detained for firearm threats in boardroom incident
Foskor is a South African phosphate producer and fertilizer manufacturer. Image: Supplied Banele Ginidza The State-owned phosphate producer Foskor has confirmed that its vice president for human resources and corporate affairs, Vincent Matlala, has been arrested for threatening a colleague with a firearm at the company's head offices in Midrand. This alarming event, has ignited discussions surrounding the potential corruption undercurrents within the firm, especially in light of recent developments tied to an R800 million bonus employee share scheme. It also comes as Foskor is still trying to recover from shock after Sifiso Mncube, a senior procurement executive at Foskor in Richards Bay, was gunned down by unknown assailants in his car in the suburb of Meer-en-See in Richards Bay in February 2024. In this new case, sources within Foskor have suggested that the boardroom incident stemmed from a dispute over kickbacks, with Matlala reportedly embroiled in controversies involving procurement practices in his department. Matlala was arrested two weeks ago inside the group's boardroom, a place typically reserved for strategy and decision-making, after threatening a Rewards Specialist executive with a gun in an undisclosed dispute. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ "Each department has its own procurement needs. Corporate Affairs has a massive budget of R10 million and even higher and it is quite known that Matlala gets kickbacks from the various suppliers that he deals with," a source said. "It was surprising though that he goes around threatening people with a gun. He was arrested right inside the boardroom. "This saga takes on a deeper significance given Matlala's role in revitalising the long-troubled Kopano Foskor Employee Share Ownership Plan (ESOP). The failed scheme, which left many employees disillusioned, was supposed to provide significant financial returns when the shares matured in March 2019. Following that disappointment, employees resorted to strikes, demanding payouts that were unmet, resulting in only a R7 000 "ex gratia" payment to settle the situation. With Foskor reportedly returning to profitability and settling its debts with the Industrial Development Corporation (IDC), there is burgeoning interest in a potential JSE listing. This revitalisation of the Kopano ESOP could lead to an employee share scheme reminiscent of MTN's acclaimed Zenzele Futhi programme. However, the uncertainty surrounding Matlala's alleged behaviour raises questions about fund management and ethical oversight. "There are questions about how money is spent and if allocated funds for projects he oversees are used effectively to benefit not only the company but the employees," another source said. "Matlala is responsible for designing and paying out employee benefits, which makes this incident all the more troubling. So, it's only reasonable to believe that the fight between the victim and Matlala is about how benefits are paid out and maybe redirected for personal gain. If this is proven to be true, it would not only undermine the trust staff have on the leadership but it can even affect the company's place to the IDC and even community's." The South African Police Service was yet to comment on Matlala's arrest and what charges he was facing or when the next hearing for his bail application would be. However, Foskor Group manager for corporate affairs, Vhontsia Ramashia, confirmed Matlala's arrest though she would not be drawn to comment on circumstances leading to the incident. "We are aware of the allegations involving Foskor VP of Human Capital and Corporate Affairs, Mr. Vincent Matlala. The matter was formally reported to us and is currently under police investigation. We are cooperating fully with the relevant authorities," Ramashia said. Ramashia said given the sensitive nature of the matter, Foskor would not be addressing individual queries at this stage. "Our decision not to respond to individual questions should not be interpreted as confirmation, denial, or admission of any," she said. Foskor is a South African phosphate producer and fertilizer manufacturer. It mines and beneficiates phosphate rock at Phalaborwa in Limpopo, from where it is carried by rail to the production facility in Richards Bay in KwaZulu-Natal. The IDC, which holds about more than 60% of Foskor, is working on floating the company on the JSE after the phosphate producer reported its first profit since 2012. In the IDC's financial year to 31 March 2023, Foskor made a R2.8bn profit, of which R1.5bn was a reversal of impairments made in the previous year. The IDC has been seeking an exit, or at least a dilution of its equity exposure, for many years. Late in its 2021/22 financial year, the IDC attempted a trade sale of Foskor, but was unable to conclude it. Visit:
