Khanyi Dhlomo and NEF hit back against reports, Mg.co.za – Mail & Guardian
Khanyi Dhlomo and NEF hit back against reports, Mg.co.za – Mail & Guardian
Khanyi Dhlomo and the National Empowerment Fund (NEF) have countrered reports questioning the celebrated 10% ownership by rural women in Dhlomo's controversial luxury department store, Luminance.
“The requirements were that their shares should be issued and warehoused by the NEF. This has been done. The shares are currently in the name of the NEF,” said Khensani Mashamba on behalf of Dhlomo.
“The other requirement was that the processes required for the inclusion of the rural women should be concluded by the end of October. We are on schedule to achieve this.”
They were responding in part to a Sunday World story this week that threw that aspect of the deal into confusion.
The Sunday World spoke to people from the five co-operatives, chosen in KwaZulu-Natal, to receive a 5% ownership stake, as well as potentially selling their crafts in the store. Another 5% will be distributed to five co-operatives in Gauteng, but this process is also still being finalised.
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