Two things happened at majority state-owned airports operator Acsa over the past week that matter way beyond business as usual. The board asked transport minister Blade Nzimande, as Acsa shareholder representative, to endorse its termination of CEO Bongani Maseko’s tenure. Almost simultaneously, Acsa learnt that African Harvest Strategic Investments, a 1.4% minority shareholder, is seeking a hearing about the company at the Zondo commission of inquiry into state capture. There has been long-standing concern over corporate governance at Acsa (as expressed in a memorandum by Nzimande to Acsa’s board) and this places its embattled CEO at the centre of an investigation into the adversarial relationship with its minorities. In such an investigation, Maseko is also likely to face scrutiny over corporate governance failures at the entity. In its business-as-usual Acsa is profitable, which is exceptional for a state-owned entity (SOE). At its financial results presentation in September, it ...

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