TIISETSO MOTSOENENG: Sewela’s corporate governance quagmire in R23bn Barloworld buyout
The offer from the CEO and his partners smacks of a conflict of interest
Dominic Sewela has stirred the pot of corporate governance with his proposed R23bn buyout of Barloworld. The bid by a consortium — featuring none other than Barloworld CEO, Sewela — has unsurprisingly raised more than a few eyebrows and a plethora of awkward questions about conflict of interest.
Let’s get to the heart of the issue: Sewela’s dual role as CEO of Barloworld and a key figure in the consortium seeking to buy the company. If this doesn’t scream “conflict of interest”, then perhaps we need to redefine the term. The situation is eerily reminiscent of other high-profile corporate escapades, such as Michael Dell’s buyout of Dell Inc, where the line between corporate duty and personal gain was blurred beyond recognition. ..
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