NAMEC heads questioned over ZAR 60m STB deal

South Africa- based National Association of Manufacturers in Electronic Components (NAMEC) is in the middle of a controversy after a group within the organisation accused its president and CEO of massive fraud.

This came in connection with a ZAR 60 million (USD 5.7 million) deal which NAMEC had entered into with pay-TV operator, MultiChoice, and the Chinese manufacturer, Skyworth Digital, in April this year to supply 15-million boxes over the next three years.

In an open letter to its stakeholders and the Minister of Telecommunications, the group said that NAMEC chairperson, Keith Thabo, and CEO Vijay Panday to have engaged in a private deal in NAMEC’s name. Thabo has called the allegations unfounded, and threatened legal action.