Johannesburg, 29 March 2011 - Following serious allegations of ineffective management  and the ability to deliver on its mandate  Buyisa-e-Bag (a government funded entity) , a proposed turnaround strategy has been produced to ensure that the company complies with relevant regulations, codes and standards such as PFMA (Public finance management act), treasury regulations, companies act, King III.

When the CEO was questioned regarding the forensic audit confirmed that a forensic audit was conducted by independent consultants based on the recommendations of the external audit. He further stated that in line with the Prevention of Corruption Act it was incumbent on the Board and the CEO to report the matter based on the findings of the forensic audit relating to alleged fraudulent activity. This matter was also reported to and SAPS (South African Police Services) and SARS (South African Revenue Service) who are also investigating the matter as there were VAT matters contained in the findings of the report.

In light of the negative rumours and recent attacks on Buyisa-e-Bag in the media and at public forums, a press conference to address the issues and to set the matter straight, was conducted today in Johannesburg, this included sharing the achievements of Buyisa-e-Bag over the past year, the plans for the new financial year beginning April 2011 and a proposed turnaround strategy for the company.

Buyisa-E-Bag has made its mark to the community of Cofimvaba and Tsomo in the Intsika Yethu District Municipality, Eastern Cape. 
This is through the launch of two Buy-Back Centres and Recycling facilities, which took place on Monday 28 February 2011.  This event, which was attended by the Republic’s Deputy Minister of Water and Environmental Affairs, Hon. Me. Rejoice Mabudafhasi, Buyisa-e-Bag CEO Mr. Shirleigh Strydom among other stakeholders from the district municipality was a further testimony of Buyisa-e-Bag’s efforts in poverty eradication through job creation within South Africa’s most needy communities.
“We intend to grow awareness of recycling projects and Buy-Back Centres which are located in high visibility areas within communities in all 9 provinces, whilst -



monitoring progress and operations on Buyisa-e-Bag owned centres and the ones we support on a regular bases”.  “This year, we have allocated close to R8 Million Rands for the construction of new centres in order to see more previously challenged entrepreneurs in the recycling industry”.

BUYISA-e BAG MEDIA BRIEFING
INVITATION

BACKGROUND:

Subsequent to current negative reports on  alleged fraudulent activities at Buyisa e-Bag and non-compliance to regulation and governance in relation to structures of the country’s Public Finance Management Act, Buyisa-e-Bag’s CEO Mr. Shirleigh Strydom, would like to share the organisation’s turnaround  strategy and implementation plan that addresses Buyisa-e-Bag’s role in line with its mandate.

Buyisa-e-Bag’s strategy includes plans to continue with creating more sustainable jobs in the rural and peri-urban areas whilst ensuring good corporate citizenship and assisting government in its plight to alleviate poverty; particularly amongst South Africa’s disadvantaged communities.

It is against this backdrop that you are invited to tomorrow’s (Tuesday 29 March) media conference, in which the CEO will share a detailed outline of his plans.

Date: Tuesday, 29 March 2011

Venue: Greenstone Hill Office Park

Emerald Boulevard

Unit G3

Modderfontein

Time: 12:h00