Blue Label, Cell C director resigns after being named in SARB case against Markus Jooste
One of the trustees of Markus Jooste's family trust has resigned as a director of Blue Label Telecoms, and mobile operator Cell C, just days after being named as a respondent in the SA Reserve Bank's case against the former Steinhoff boss.
Blue Label, the JSE-listed company which owns nearly 50% of Cell C, announced in an update to shareholders on Thursday that Gary Harlow had resigned from Blue Label "and its subsidiaries".
Harlow resigned on 19 October, the day after the SA Reserve Bank attached around R1.5-billion in assets linked to former Steinhoff boss Markus Jooste.
The bank named Harlow as one of seven respondents in its case against the former Steinhoff CEO. Harlow was cited in his capacity as a trustee of Jooste's family trust, the Silver Oak Trust.
"Mr Harlow has made an outstanding contribution to Blue Label and the board for well over a decade," said Blue Label.
"The board both respects and appreciates the unwavering commitment and skill which he has consistently invested and demonstrated in the conduct and performance of his duties to the Blue Label group for so many years."
In an interview with Alec Hogg of biznews.com on Wednesday, Harlow said that while he would like to resign from the trust, he is not sure he can.
"I mean, obviously, I'd love to, but I think it would leave a trust without trustees, and you must face up to it and do what you've got to do, what's right."
Harlow said he and fellow trustee Rian du Plessis had spoken and agreed they needed to see through their fiduciary duties.
"Whatever the Reserve Bank wants from us, we have to give and will do so promptly."
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