Inside Education Reporter
Former University of Cape Town (UCT) Council Chair, Babalwa Ngonyama, has condemned UCT – in particular members of the UCT Council – for its threatening and intimidating attacks on her and anyone affiliated to her, calling out its corporate bullying and inhumane, persecutor approach.
This is in response to a letter sent by UCT’s Joint Investment Committee (JIC) and Chair of Council, Norman Arendse, to Camissa Asset Management (Camissa), in which Ngonyama business, Sinayo, holds a vested interest.
The letter implies threats of the withdrawal of investment funds placed by the JIC with Camissa, because dividends received by Ngonyama through Sinayo’s shareholding could be used to fund the legal battle Ngonyama is pursuing against UCT.
Camissa manages R60 billion in assets, with R291 million assets under management placed by the JIC. With an impressive 21-year track record, the strong investment house, as referred to in the letter has performed exceptionally well and won numerous awards.
Ngonyama says the unwarranted targeting by UCT has been aimed not only at her, but also her family, friends and fellow business directors and associates too, and now also direct and indirect benefactors of the JIC or Retirement Fund.
“What is most concerning is the implied use of the JIC and Retirement Funds by UCT as a platform to pursue political agendas. The JIC and the Retirement Fund is expected to operate independently through its independent committees and board of trustees.
“It is crucial to emphasise that the funds allocated to the JIC, through bequests in wills, are intended for developmental purposes, devoid of predetermined and speculative political vendettas. This principle extends to the management of the Retirement Fund of the employees as well.”
Ngonyama says the insinuation that the litigation against UCT could influence or utilise the dividends that may result from the funds managed by Camissa, directly or indirectly through her company, is “not only unfounded but once again targets me with an objective of ensuring that I cannot proceed with the legal battle against UCT”.
Ngonyama previously served on the Board of Camissa and others, but resigned in November 2023 due to the alleged unlawful exploitative pressure exerted on her – and the boards of companies on which she served – on multiple fronts by members of the UCT Council.
“UCT’s threats, intimidation, attempts at sabotage and invasion of my personal business relationships is tantamount to covert bullying and psychological intimidation,” said Ngonyama.
“The ongoing legal dispute with UCT is entirely separate from the operations of my business and its shareholding in Camissa Asset Management,” says Ngonyama. “UCT has requested through numerous channels that I drop the case against them, and now its efforts to cut-off revenue sources further demonstrates the concern they have with the process that was followed.”
Ngonyama says she will continue to reject and challenge UCT and the report of the panel, as its findings and recommendations against her “were based on one-sided, unproven and unchallenged allegations. The process that was followed was unfair and infringed on my rights to dignity to be heard in a fair, transparent and impartial process.”
“Instead of filing the required information at the Western Cape High Court so that the court can rule on the fairness of the process, the UCT has chosen to attack me personally in a hope of destroying my reputation on all fronts.
“The assassination of my character is the ultimate goal as this satisfies the political grandstanding that is being perpetuated by various factions within UCT. I dismiss the recent bullying by UCT Council members and look forward to the outcome of the High Court,” says Ngonyama.
“I remain committed to upholding UCT’s ongoing positive influence in higher education as I did throughout my tenure as Council Chair, even as I find myself compelled to advocate for a just resolution in my defense. My aspiration extends beyond addressing the present challenges to also safeguarding the integrity of UCT and preserving its reputation as a pillar of academic excellence,” says Ngonyama.
Sello Moloko, Chairman – Joint Investment Committee, wrote to the CEO Roland Greaver on 12 December expressing concern that Ngonyama being a shareholder in Camissa was currently pursuing litigation against the University of Cape Town.
“While the JIC has chosen not to penalise Camissa solely based on this issue, we believe it is important to highlight our concerns and seek your response. We are particularly concerned about the possibility of the University indirectly funding this litigation through the dividends and return on investment received from Camissa,” wrote Moloko.
Therefore, the JIC requests that Camissa provide a formal response addressing the following points:
- – How Camissa intends to ensure that University funds are not being used to support litigation against the University.
- – Camissa’s position on the ongoing litigation and its potential impact on the relationship between Camissa and the University.
- – Concrete steps Camissa will take to address the JIC’s concerns and demonstrate its commitment to ethical business practices.
“The JIC values its relationship with Camissa and acknowledges your firm’s strong track record as an investment house. However, the current situation presents a significant challenge for our continued partnership. The JIC remains committed to fulfilling its fiduciary duty and ensuring the responsible management of the University’s assets. While we currently see no fundamental reason to withdraw our funds from Camissa, we believe resolving this matter is crucial for maintaining a strong and ethical relationship between our institutions.”
INSIDE EDUCATION
