A bad week for Group Five CEO Thabo Kgogo
Kgogo has had to hand over the reins at the troubled construction firm to business rescue practitioners
After the abject failure of the auditor-general, the inspector-general of intelligence and parliament to rein in a State Security Agency (SSA) gone rogue, President Cyril Ramaphosa turned to an old ally in his quest against corruption. Former minister Sydney Mufamadi, now director of the School of Leadership at UJ, chaired a high-level review into the agency. The report is dynamite. It recommends overhauling the SSA and the law that governs it, plus possible criminal charges against Jacob Zuma and former SSA officials.
He hardly had time to warm his seat. Group Five’s acting CEO, Thabo Kgogo, has had to hand over the reins at the troubled construction firm to business rescue practitioners. Kgogo’s immediate task, after replacing Themba Mosai who left in a huff in January, was to drive the firm’s restructuring to focus on developments, investments and concessions. Sadly, however, Group Five’s financial woes have placed it on the growing list of once great SA construction firms hobbled by a weak economy and in need of rehabilitation.