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South African CEO educated at country’s most expensive school caught looting

The chief executive of a financial institution, an African, was arrested by police after he participated in looting in Durban, South Africa. Qhawe Sithole, founder and chief executive of the Pretoria-based Ubuntu Wealth Management was caught stealing alcohol, a washing machine and other items.

Published: July 17, 2021, 1:45 pm

    Hilton

    Sithole was educated at South Africa’s most expensive school, Hilton College in the KwaZulu Natal Midlands. He also studied political science at the London School of Economics. The institutions Sithole frequented attest to his extraordinary privilege.

    A white Hiltonite, Michael Hay, who now lives in Dubai, UAE, called out Sithole on Facebook. “Qhawe Sithole I told you I was going to make you famous for looting and stealing. You in your Wrangler with a washing machine, bicycle, braai stuff, bar stool and alcohol. It’s not acceptable, you are the problem, you are the rot. Ubuntu Wealth, how can you give advice when you have no values.

    “You (are) a disgrace to your old school Hilton College, you (are) a disgrace to the FSCA (Financial Sector Conduct Authority), you (are) a disgrace to our wonderful country, I can’t believe you did what you did,” said Hay.

    Michael Hay published photos of the black CEO’s arrest and the confiscated loot on Facebook.

    According to South African news outlet IOL, Sithole has been suspended from his job at Ubuntu Wealth. The company offers “financial planning advice for wealth and investments, asset management, income solutions and equity segregated portfolio strategies”.

    Ubuntu Wealth Management’s chief operating officer Mmangaliso Nxumalo confirmed in a statement on Facebook that Sithole had been suspended because of the theft charges.

    “The board wishes to clarify that the chief executive officer has been suspended with immediate effect pending the outcome of his case and an independent investigation into the charges that have been brought to him.

    “Once the board receives all facts to this case and have studied the findings, the board will take the recommended disciplinary action against the chief executive as required. The board will move swiftly to institute such disciplinary action so that the matter will be resolved as soon as possible,” said Nxumalo.

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