CEO, rich as Croesus, caught looting in KZN

The CEO of a wealth management company has been placed on suspension, after his alleged involvement in the looting and violence plaguing Gauteng and KwaZulu-Natal. 

The Ubuntu Wealth Management board met on Wednesday to deliberate the alleged criminal activity, who has since been arrested. 

“The board wishes to clarify that the chief executive officer has been suspended with immediate effect pending the outcome of his case and an independent investigation into the charges that have been brought to him,” the company said in a statement. 

WATCH: Isipingo market set alight overnight

The company also said once all the facts in his case have been studied, it will take the recommended disciplinary action against Sithole, or anyone else, as required. 

“The board is also at pains to ensure that due process is followed at all times,” Ubuntu Wealth Management chief operating officer (COO) Mmangaliso Nxumalo said. 

On Wednesday, the damage stood at over R16 billion, with 40,000 businesses affected and over 129,000 jobs lost in eThekwini alone. 

5000 informal traders and 40,0000 formal businesses were hit, many of which may never recover.

Economists estimated it could take up to two decades for the country to recover from ongoing riots. 

Compiled by Nica Richards