The truth behind my Sharemax divorce - Dawie Roodt

The truth behind my Sharemax divorce - Dawie Roodt

Relations with directors and lawyer Connie Myburgh became " progressively intolerable".


Dear Mr Cobbett

I refer to your article of March 1st on Moneyweb; “Was Dawie Roodt fired from Sharemax?

It is indeed unfortunate that I am in effect forced to react to allegations made against me in this way. I would also appreciate it if you could carry this reply on your website. Based on your article Mr Myburgh and Ms Haese either said or implied that I was dismissed from the boards of companies related to Sharemax. This is incorrect, the correct facts and version of events are provided below. Please note that I have documentary proof of all the facts that I list hereunder.

As you know I was appointed as an independent director to the Sharemax syndicated and other related companies during 2010 primarily to assist in the restructuring of the Sharemax group of companies. Over the months I became uncomfortable with the manner in which certain issues within the group of companies were handled and early July last year I wrote an email to Judge Hartzenberg, the Chairman, wherein I listed some of my concerns. The very next day, before a scheduled board meeting, the other directors asked to see me.

At this meeting I was presented with two documents. On the one document I tendered my resignation and on the other I was “dismissed”. The “dismissal” document was signed by Dominique Haese, Dirk Koekemoer (both executive directors) and Rudi Badenhorst (a non-executive independent director). Judge Hartzenberg did not sign this document. I was given a choice to sign either of these two documents, which I refused to do. I then left the meeting and told the other directors that I will revert back to them once I have decided what to do.

It is important to note that Mr Koekemoer and Ms Haese did not have the power to dismiss me since they were not directors of the holding company, which had the right to appoint directors. Furthermore, the letter of my “dismissal” was signed by only one director which was entitled thereto, Mr Badenhorst, while the other director, Judge Hartzenberg, did not sign the document. And lastly, no due process in terms of the law was followed before I was “dismissed”; informing me of complaints against me, providing me with an opportunity to react thereto etc.

After this episode I decided to tender my resignation which I did a few days later. Clearly the allegations by Mr Myburgh and allegedly by Ms Haese are incorrect.

I can, however, confirm that I was asked about my resignation by a caller during a radio interview with Magnus Heystek, as you indicated in your article. Just as we were leaving the studio Mr Myburgh called me and threatened to tell Magnus that I was “fired”. I then told Mr Myburgh to tell Mr Heystek himself since he was standing next to me and I then handed my phone to Mr Heystek.

I have not been fired from the Sharemax related companies as alleged. I resigned after relations between me and some of the board members and the lawyer, Mr Myburgh, became progressively intolerable.

Best regards

Dawie Roodt
Chief Economist/Director



Response by the Sharemax board.

Dear Mr. Cobbett,

We note that Mr. Roodt insisted that his communication of 6 March 2012 be published, presumably by yourselves. This position taken by Mr Roodt is noted.

The board reiterates its stance that it keeps information that is confidential, for whatever reason, exactly as such, namely confidential, including Mr Roodt’s relationship with the historical Sharemax Group.

We will not be communicating with Mr Roodt through the media, save to likewise request that this response is published, verbatim, in context and without any alterations, be it as to content and composition.

Contrary to your apparent view, we do not believe that this matter has any relevance whatsoever, and we will not entertain any further communication in this regard.

The board reserves all its rights.

Regards

Dominique Haese
Managing & Financial Director
Frontier Asset Management (Pty) Ltd