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John R. Fischer, Senior Reporter | January 16, 2019
Radebe says that Kemm created a conflict of interest by providing services through his company, Nuclear Africa, to Necsa, and that Tshelane breached protocol as CEO by trying to convert 70 percent of a 115 million rand debt (more than $8 million) in a subsidiary company, Pelchem, into equity to pay off its debts, violating the Public Finance Management Act and the Companies Act in the process, as well as exceeding approved delegation authority for Necsa, which is 91 million rand (more than $6 million).
Kemm says that the services were fully disclosed to the board with most taking place before his appointment to it in 2016.
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Initially under the impression that the company would pay for the proceedings with money set aside for such matters, the three are relying on borrowed funds for the case, which will take place in High Pretoria Court.
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